Norwegian energy group Equinor has signed a five-year agreement to supply gas to Austria’s OMV as part of the latter’s supply diversification strategy.
Equinor will deliver 12 terawatt hours (TWh) of natural gas starting on October 1, the beginning of the European gas winter season, adding to volumes under existing contracts.
The gas will be delivered at Germany’s virtual trading hub THE (Trading Hub Europe) for OMV’s European portfolio and priced ‘at market terms’.
OMV also still has long-term supply contracts with Russia’s Gazprom running until 2040.
‘We have been observing an increasing demand for bilateral contracts from customers who see Norwegian gas as an enabler of energy security as well as of the energy transition,’ says Helge Haugane, Equinor’s senior vice president of gas and power.