bp, OMV Sign LNG Agreement

bp and OMV signed a long-term sale and purchase agreement in which bp will supply OMV with up to 1 million tonnes of LNG per year for 10 years from 2026.

Gate LNG terminal in Rotterdam; Credit: OMV

“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,” said Alfred Stern, 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. Our partnership with bp, spanning a 10-year period from 2026, is an important strategic step towards diversifying and safeguarding our supply sources in the long-term.”

bp will provide LNG from its portfolio of LNG, which will be received and re-gasified through the Gate LNG terminal in Rotterdam, The Netherlands, where OMV holds regasification capacity, or other terminals in Europe.

“At bp, we see LNG as an essential part of the energy transition and essential for our own pivot to becoming an integrated energy company,” said Jonty Shepard, VP global LNG Trading & Origination at bp. “We are pleased to conclude this LNG sale-and-purchase agreement with OMV, with whom we have a longstanding relationship. Europe is a significant LNG market and this agreement with OMV further demonstrates our LNG supply capability in the region, supporting security of supply for our European customers.”