Uniper, ConocoPhillips agree to 10-year Natural Gas Supply Deal

German energy company Uniper and U.S. oil and gas producer ConocoPhillips said they have agreed on a supply deal for up to 10 billion cubic metres (bcm) of natural gas over the next 10 years.

Under the agreement, ConocoPhillips will supply natural gas to Uniper in north-west Europe. Financial details were not disclosed.

The agreement is for natural gas pipeline supply, not liquefied natural gas (LNG), a ConocoPhillips spokesperson told Reuters, which is gas cooled and turned into liquid for transportation in tankers.

ConocoPhillips has stakes in Norwegian gas fields from where gas is piped to continental Europe and Britain. A Uniper spokesperson said that a partnership between the two companies has existed for more than four decades.

“The agreement also supports ConocoPhillips’ increasing gas flows into Europe, where significant long-term regasification capacity commitments have been made including the German LNG, Gate and Zeebrugge terminals,” the ConocoPhillips spokesperson added.

(Reporting by Seher Dareen in Bengaluru and Nina Chestney in London; Editing by Alan Barona, Elaine Hardcastle and Diane Craft)