Norwegian oil and gas player Vår Energi has secured a multi-year contract extension for the supply of natural gas to Germany’s VNG Handel & Vertrieb, a subsidiary of VNG AG.
According to Vår Energi, the deal provides for the delivery of up to five billion cubic meters (bcm) of natural gas to VNG in the 2024–2036 period via Germany’s Emden and Dornum gas terminals.
VNG CEO, Ulf Heitmüller , noted: “Norway has been a stable and reliable energy supplier to VNG for many years with an impressive low carbon footprint and close to zero methane emissions. This renewed agreement for natural gas deliveries confirms our joint commitment to a secure and sustainable energy supply in Europe.”
Vår Energi’s CEO, Nick Walker , expressed his satisfaction with prolonging the gas supply deal with VNG, which builds on a three-decade-long partnership. He believes this will meet European customers’ need for long-term energy supply.
“As Norway’s second largest exporter of natural gas, Vår Energi will continue to explore for further petroleum resources across the Norwegian Continental Shelf. Continued access to new exploration acreage, long term, stable framework conditions and political support are key elements in our ability to meet the obligations to our European customers and to ensure value creation in Norway,” explained Walker.
The Norwegian player recently completed an intra-group merger with its wholly-owned subsidiary, Vår Energi Norge, previously known as Neptune Energy Norge, which the firm acquired in February . The simplification of corporate structure and the fulfillment of Norwegian regulatory requirements were quoted as the reasons behind this decision.
Vår Energi also became a member of the Oil and Gas Methane Partnership (OGMP 2.0) , joining nearly 140 oil and gas companies aiming to reduce their methane footprint by improving emissions reporting.