"If a long-term situation develops in which Russia uses sanctions to squeeze the EU, it will mean higher gas prices and higher production in Norway. It will be a totally awesome situation for Norway," John Olaisen, an analyst at ABG Sundal Collier said at a meeting on oil markets hosted by Ernst and Young.
Russia is Norway's main rival in European gas markets, supplying 25 percent of all gas consumed in the European Union, compared to the 20 percent supplied by Norway.
"If Russia restricts shipments to the EU by 20 percent over the next six months, then Norway can increase production by 20 percent. It's very positive. It sounds a little cynical, but that's how it is. For Statoil it will be awesome."