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


These translations are done via Google Translate

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.

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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)



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