Eni S.p.A. (NYSE:E) has extended its long-term agreement with Vår Energi ASA. Under the agreement, Vår Energi will supply Eni with up to five billion cubic meters (bcm) of gas between 2024 and 2036.
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Vår Energi will deliver to the Emden and Dornum terminals in Germany, and prices will be based on market conditions. This agreement complements the recently announced gas sales contract with VNG, Vår Energi said in a statement.
Vår Energi CEO Nick Walker said: “The agreement with Eni, confirmed shortly after a similar signing with VNG, is another strong testament to Vår Energi’s commitment to being a stable and reliable supplier of energy to key European markets.”
“As Norway’s second largest exporter of natural gas, Vår Energi will continue to explore further oil resources on the Norwegian continental shelf.”
“Continued access to new exploration areas, stable and long-term framework conditions and political support are key elements in our ability to meet our obligations to our European customers and to ensure value creation in Norway.”
Last month, Eni finalized a binding agreement with Hilcorp for the sale of full ownership of the Nikaitchuq and Oooguruk assets in Alaska.
Investors can gain exposure to Eni through the fund The Advisors? Inner Circle Fund Cambiar Aggressive Value ETF (NYSE:CAMX).
Eni share price
Eni shares were up 1.14% at $31.14 at last check on Monday.
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