Equinor, the Norwegian energy group, has entered into a significant five-year gas supply agreement with Austria's OMV, in line with OMV's strategic initiative to diversify its gas sources. Commencing from October 1, marking the start of Europe's gas winter season, Equinor will provide OMV with 12 terawatt hours (TWh) of natural gas. This additional volume complements OMV's existing gas contracts.

The gas will be channeled into OMV's European portfolio through Germany's virtual trading hub, THE (Trading Hub Europe), with pricing based on market terms. OMV's proactive gas supply diversification strategy already includes gas sourced from its own production assets in Norway and Austria, long-term liquefied natural gas (LNG) deliveries at the Dutch Gate terminal, and participation in the European Union's Joint Gas Purchasing Platform. Furthermore, OMV maintains long-term gas supply agreements with Russia's Gazprom, extending all the way to 2040.

Highlighting the growing demand for bilateral gas contracts, Helge Haugane, Equinor's Senior Vice President of Gas & Power, noted that Norwegian gas is increasingly viewed as a cornerstone for enhancing energy security and advancing the energy transition.

Norway has risen as Europe's leading individual gas supplier, outpacing Russia. This shift in Europe's gas supply landscape can be attributed to factors such as the conflict in Ukraine and disruptions to the Nord Stream pipelines, which have curtailed Russia's gas deliveries to Europe. Austria, while still dependent on Russia for roughly 66% of its natural gas imports via pipelines to eastern Europe, is actively exploring alternative supply routes. In 2022, Austria's annual gas consumption amounted to 85 TWh, slightly down from 93 TWh in the preceding year.