StatoilHydro ASA (STO) plans to expand sales to end users in European gas markets and increase third-party gas sales and purchase activities beyond its own production, the company said Monday.
StatoilHydro has the expertise to tailor make contracts for some consumer companies, Vice President for Natural Gas Rune Bjoernson said at a seminar in London, although he noted the company isn't planning to "take on" incumbent European utilities like Centrica PLC (CNA.LN).
"Those companies who need access directly to market, who are active in the traded market, or those who want to do hedges, we can help them to get access to these instruments," Bjoernson said. "Some large consumers need tailor-made contracts. We have that contract expertise. We have had success doing so in the U.K. and on the Continent," he added.
The Norwegian oil and gas company, which is Europe's second-biggest gas supplier after OAO Gazprom (GAZP.RS), also plans to increase its gas-trading activity as an additional income stream, Bjoernson said.
As part of a strategy to strengthen its position in Europe, the company will increase its presence at the main gas-trading hubs, and it is "very hopeful (of activity expansion) when it comes to Germany," he added.