ABU DHABI, November 2. /TASS/. Equinor CEO Anders Opedal stated that Europe’s current gas storage levels leave the continent more vulnerable this winter compared to previous years.

Gas storage levels in Europe are at their lowest in 15 years, which means Europe is entering the winter season more vulnerable than usual - especially if cold weather sets in, he said at the ADIPEC conference.

Opedal noted that many companies, including Equinor’s own clients, are seeking to sign long-term contracts, since European partners are investing heavily in the energy transition, renewables, and decarbonization, while simultaneously recognizing that they will continue to need natural gas for a long time to come. To ensure they have sufficient gas supplies during this transition, they are entering into long-term agreements, he added.

As of October 28, Europe’s underground gas storage facilities were 74.89% full, which is 14.79 percentage points below the five-year average for this date, and down from 82.8% a year earlier. This remains the lowest level for this date since records began in 2011. According to European Commission requirements, EU member states must ensure their gas storage facilities are 90% full between October 1 and December 1 each year.

A 10% margin of flexibility is permitted in the event that filling these underground gas storage (UGS) facilities proves difficult. Consequently, to meet the mandated storage levels, net injections into European storage facilities by the start of the 2026-2027 fall-winter season would need to reach at least 68 bln cubic meters. However, anticipating a very mild winter, the European Commission was prepared to lower this threshold to 80% for the current year.