The U.S. oil and gas producer ConocoPhillips (COP.N) and the German energy business Uniper (UN0k.DE) have reached an agreement to supply up to 10 billion cubic meters (bcm) of natural gas over the course of the next ten years.
ConocoPhillips will provide Uniper with natural gas throughout northwest Europe as per the agreement. No financial information was provided.
A ConocoPhillips representative told Reuters that the agreement is for natural gas pipeline supplies, not LNG (liquefied natural gas), which is gas that has been chilled and made liquid for tanker shipment.ConocoPhillips owns interests in gas reserves in Norway, from which gas is routed to Britain and continental Europe. According to a Uniper representative, the two businesses have been partners for over 40 years.
“The arrangement moreover bolsters ConocoPhillips’ growing gas imports into Europe, where substantial long-term capacity pledges have been made, including the German LNG, Gate, and Zeebrugge terminals,” the representative for ConocoPhillips continued.
