ConocoPhillips, Uniper Signed Ten-Year Natural Gas Supply Agreement

SEATTLE (Oil Monster): Leading U.S. oil and gas producer ConocoPhillips and German energy major Uniper have entered into an agreement on supply of up to 10 billion cubic metres (bcm) of natural gas over the next ten year period. The deal states that natural gas will be supplied to Uniper in northwest Europe. The financial terms of the purchase were not disclosed.

The two companies have collaborated for more than four decades. The successful partnership between them has served to ensure the long-term, reliable energy supply security of Germany and of Europe.

ConocoPhillips has been engaging in piped gas supply from its Norwegian gas fields to continental Europe and Britain. The new agreement will boost the company’s increasing gas flows into Europe. Moreover, it will further advance its growing LNG portfolio marketing efforts, said Khoa Dao, CCO of ConocoPhillips.

Carsten Poppinga, CCO of Uniper noted that the company is excited to announce the significant deal, which is not only a great success for the company but also of central importance to energy security. The deal will sustainably strengthen the long-term gas supply in Germany and Europe, he added.