UK-based energy giant BP has signed a 10-year deal with Austrian energy firm OMV to supply the latter with liquefied natural gas via the Gate LNG import terminal in the Dutch port of Rotterdam.
Under the long-term long-term sale and purchase agreement (SPA), BP will supply up to 1 million tonnes of LNG per year from its global portfolio from 2026, according to a joint statement.
OMV holds regasification capacity rights at the Gate LNG import terminal, owned by Gasunie and Vopak, in the port of Rotterdam, while in May this year BP also booked long-term capacity at the terminal.
BP will acquire 2 Bcm per year of regasification and also corresponding storage capacity for a period of 20 years.
Besides Gate, OMV may receive these contracted volumes from BP at other LNG terminals in Europe, the statement said.
OMV’s CEO Alfred Stern, said that “it is one of OMV’s key priorities to drive forward our ongoing diversification of supply sources that encompasses gas from our own production and external sources from Norway, as well as additional LNG volumes.”
“In tandem with the recent news regarding our additional gas transport capacities until 2028, our agreement with BP reflects our significant contribution to the security of supply to our customers in Austria and Europe,” Stern said.
Jonty Shepard, VP global LNG trading and origination at BP, said that the company sees LNG as an “essential part of the energy transition and essential for our own pivot to becoming an integrated energy company.”
“Europe is a significant LNG market and this agreement with OMV further demonstrates our LNG supply capability in the region, supporting security of supply for our European customers,” Shepard added.