Anders Opedal, CEO of Norway's Equinor, said on Tuesday the European Union was unlikely to increase Russian gas imports to offset Middle East supply disruption while Russia's war with Ukraine continues.
"When I talk to ministers in several countries, bringing Russian gas back in the middle of the war with Ukraine would be very, very difficult," Opedal said in an interview at the CERAWeek energy conference in Houston, citing the EU's partnership with Ukraine.
The bloc has been Kyiv's staunchest ally since Russia’s invasion, backing Ukraine’s effort to retain control of its territory.
Russia's share of EU gas imports dropped from 45 per cent before the full-scale invasion of Ukraine in 2022 to 12 per cent in 2025, according to EU data, as the bloc implemented sanctions, contract bans and emergency diversification. US liquefied natural gas and increased supply from Norway have filled much of the gap.
Opedal said Europe now has a more diverse range of supply sources than it did in 2022.
"Everything that we have been able to produce has actually moved to Europe, all the gas and 90-95 per cent of the oil actually goes to Europe," Opedal said. "It's even more important that we continue that journey now after the war in the Middle East."
The US-Israeli war on Iran and Tehran's attacks on gulf neighbours have brought another global energy crisis, by damaging energy facilities and largely halting tanker traffic in the Strait of Hormuz - which handles about 20 per cent of global oil and LNG flows.
Equinor produced a record amount of petroleum in 2025, helped by increased international output, and expects about three per cent production growth this year.
So far this year, Equinor has participated in eight discoveries in the Norwegian continental shelf, versus 14 all of last year, Opedal said. The North Sea Rosebank oil project, which has become a lightning rod for climate activists in Britain, is moving forward, he said.
Opedal said he hopes next year to approve the offshore Bay du Nord oil project in Canada, with the start of production by 2032. Bay du Nord is a CA$14 billion ($10.18 billion) investment with production capacity of 160,000 barrels per day, Opedal said.
Opedal said there is significant untapped oil and gas potential in areas where resources have already been discovered, such as the Norwegian continental shelf, United Kingdom, Brazil, Argentina and Namibia.
(Reporting by Stephanie Kelly; additional reporting by Ron Bousso; editing by Chris Reese and Cynthia Osterman)