Equinor has signed a new long-term gas sales agreement with Austria’s major energy company OMV.

The agreement is for 5 years starting 1 October this year and with an annual volume of 12 TWh. The gas will be delivered at Germany’s virtual trading hub THE (Trading Hub Europe) for the OMV European portfolio.

The new bilateral agreement builds upon the long-standing relationship between the two companies and adds to the volumes under already existing contracts. The contract is priced at market terms.

“Equinor prides itself on being a long-term, reliable supplier of natural gas to Europe. I am very happy that we today, can announce another bilateral agreement between our two companies,” says Helge Haugane, Equinor’s senior vice president of Gas & Power.

“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,” Haugane adds