Vår Energi has extended the long-term agreement for delivery of up to five billion cubic meters (bcm) natural gas to VNG Handel & Vertrieb GmbH ('VNG') over a 12-year period. The agreement builds on the long-standing relationship between Vår Energi and VNG, dating back to the early 1990s.
Vår Energi's CEO, Nick Walker, comments: 'The agreement with VNG is a strong response to our European customers' need to ensure long-term energy supply. Vår Energi is committed to continue to be a reliable and secure producer of natural gas, providing energy to households, communities, and businesses across the continent for decades to come.
Vår Energi has been a key supplier of natural gas over the last three decades and we are pleased to strengthen the partnership with long-term gas buyers.
The agreement demonstrates Europe's trust in Norway as an important energy provider. As Norway's second largest exporter of natural gas, Vår Energi will continue to explore for further petroleum resources across the Norwegian Continental Shelf. Continued access to new exploration acreage, long term, stable framework conditions and political support are key elements in our ability to meet the obligations to our European customers and to ensure value creation in Norway'.
'We are very pleased about the prolongation of our long-term contract and increase of volumes with Vår Energi. This agreement underlines the long-standing and trustful partnership we have had with Vår Energi and its predecessor organisations since the early 1990s. Norway has been a stable and reliable energy supplier to VNG for many years with an impressive low carbon footprint and close to zero methane emissions. This renewed agreement for natural gas deliveries confirms our joint commitment to a secure and sustainable energy supply in Europe. We appreciate the trust Vår Energi has placed in us and look forward to continuing our successful cooperation', explained Ulf Heitmüller, CEO of VNG AG.
Under the terms of the agreement, Vår Energi will deliver up to five bcm of gas over the time period 2024-2036. The volumes will be delivered at the gas terminals in Emden and Dornum in Germany and will be priced at market terms.
Source: Var Energi
