In this 3D illustration, pipelines leading to an LNG terminal and LNG tanker can be seen. BP Plc and OMV AG have signed a long-term LNG purchase and sale agreement (PSA) starting in 2026, according to a July 28 BP press release. (Source: Shutterstock.com)
BP Plc and OMV AG have signed a long-term LNG purchase and sale agreement (PSA) starting in 2026, according to a July 28 BP press release.
The PSA covers supply of up to 1 million tonnes of LNG per year for each of the 10 years of the deal. BP will provide OMV with the LNG, which will be received and re-gasified through the Gate LNG terminal in Rotterdam, The Netherlands. The LNG could also be received at other terminals in Europe.
“It is one of OMV’s key priorities to drive forward our ongoing diversification of supply sources that encompasses gas from our own production and external sources from Norway, as well as additional LNG volumes,” Alfred Stern said, chairman of the executive board and CEO of OMV AG. “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.”
Recommended Reading
FTC Oks Chevron-Hess Deal, Bans John Hess from Board
2024-09-30 - Federal regulators signed off on a blockbuster tie-up between Chevron and Hess Corp. but banned CEO John Hess from sitting on the Chevron board.
Venezuela Lost Citgo, But the Battle’s Not Over Yet
2024-10-04 - Amber Energy’s $7.3 billion purchase of Citgo fell well short of analyst’s valuations. PDVSA Ad Hoc expects to appeal the decision soon in its battle to protect its claim on Citgo.
Quantum Teams Looking for Acquisitions ‘Off the Beaten Path’
2024-10-14 - Blake Webster, partner at Quantum Capital Group, said the private-equity firm’s portfolio teams are looking to buy from sellers looking for cash buyouts, though not necessarily in the usual places.
Diamondback Subsidiary Viper Closes $900MM Midland Royalty Deal
2024-10-02 - Diamondback Energy’s Viper Energy closed the last of three acquisitions from Tumbleweed Royalty, owned by Double Eagle Energy’s founders, that together totaled about $1.1 billion.
SM Energy, NOG Close $2.6 Billion in Uinta Basin Acquisitions
2024-10-02 - SM Energy and Northern Oil and Gas have closed the acquisitions of XCL Resources and Altamont Energy, adding hundreds of locations and oil cuts of 86% to 87%.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.