The Oil Gusher: How to solve Europe’s Energy Trilemma? Norway provides most of the answers

研报英文原文证据摘录

The Oil Gusher: How to solve Europe’s Energy Trilemma? Norway provides most of the answers

Accessible version

The Oil Gusher

How to solve Europe’s Energy Trilemma?

Norway provides most of the answers

Industry Overview

Key takeaways 22 May 2026

Equity• Europe's answer to energy security: >25% of natural gas consumption + more storage

Pan-Euro

injections driving demand +18bcm this year Oils

• Europe's answer to energy transition #1: Carbon storage operational today with

Northern Lights capacity x4 by 2030 Christopher Kuplent >> Research Analyst

MLI (UK)• Europe's answer to energy transition #2: c100% cars sold are EVs today - representing +44 20 7995 8222

>30% of all cars on the road in Norway christopher.kuplent@bofa.com

Matthew Smith >>

Research Analyst

MLI (UK)Norway: Europe’s answer to the Energy Trilemma? +44 20 7996 7109

Our BofA field trip to Norway this week magnified the country’s crucial role in answering matt.smith1@bofa.com

Europe’s Energy Trilemma: (1) Secure? Norway has emerged as Europe’s largest single Cian Evans-Cowie >>

source of gas supply since Russia’s invasion of Ukraine in 2022 – accounting for >25% ResearchMLI (UK) Analyst

of Europe’s overall gas consumption. (2) Affordable? Norway’s piped exports to Europe +44 20 7995 0940

cian.evans-cowie@bofa.com

help cut dependence on competition with Asian consumers looking for seaborne oil &

LNG alternatives to what is currently stuck behind the Strait of Hormuz – at the very

least alleviating upside price pressure. (3) Clean? Norway ranks #1 in Europe in terms of

Exhibit 1: Norway E&P ratings and POsEV penetration as well as offering commercial carbon storage – with Northern Lights PO changes (NOK)

now expanding its footprint x4 without any direct government funding.

Rating PO Prior PO Price