bp inks 10-year LNG supply deal with OMV

British energy giant bp signed a purchase agreement with Austrian energy company OMV to supply up to 1 million tonnes of liquefied natural gas (LNG) per year for 10 years starting in 2026, bp announced in a statement on Friday.

As part of the agreement, bp will provide LNG to OMV, which will be obtained and re-gasified through the Gate LNG terminal in Rotterdam, Europe’s LNG hub, where OMV has regasification capacity.

‘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,’ Alfred Stern, chief executive officer of OMV, was quoted as saying in the statement.

Stern said their upcoming collaboration with bp, spanning a 10-year period from 2026, is a substantial strategic move toward long-term supply source diversification and protection.

Meanwhile, Jonty Shepard, head of global LNG trading and origination at bp, pointed out the importance of LNG as an essential part of the energy transition and Europe’s role as a significant LNG market.

‘This agreement with OMV further demonstrates our LNG supply capability in the region, supporting security of supply for our European customers,’ he added.

• Europe
• LNG
• OMV