Norway’s Statoil says it is ready to face a weak gas market as forecast by the International Energy Agency (IEA).

The IEA says that by 2015 the European gas market will weaken and gas producers will have to renegotiate long-term contracts, according to local business daily Dagens Naeringsliv.

But Statoil is prepared, according to CEO Helge Lund. “We are in a dialogue to optimise the gas market,” he said.

Statoil’s gas prices has registered a 32% drop in one year, but Norway’s gas revenues are expected to take on a more important role as the country’s oil production has been rapidly declining.

Lund expects that Statoil and Norway can cope with the crisis.

“Our advantage is that we have low costs to bring the gas to the market, as we have a very flexible transport system, we have flexibility in the fields, we have access to storage capacity and are tied to many trading points,” he said.