European Energy Giant Eni Seals Extended Gas Deal With Vår Energi: Details

Eni S.p.A. (NYSE:E) extended its long-term agreement with Vår Energi ASA. As per the agreement, Vår Energi will supply up to five billion cubic meters (bcm) of gas to Eni between 2024 and 2036.

Vår Energi will make deliveries to the gas terminals in Emden and Dornum, Germany, and pricing will be based on market terms. This agreement complements the recently announced gas sales contract with VNG, per a statement from Vår Energi.

Vår Energi’s CEO, Nick Walker, stated, “The agreement with Eni, being confirmed shortly after a similar signing with VNG, is yet another strong testimony of Vår Energi’s commitment to being a stable and reliable energy supplier to key European markets.” 

“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.”

Last month, Eni finalized a binding agreement with Hilcorp to sell complete ownership of the Nikaitchuq and Oooguruk assets in Alaska.

Investors can gain exposure to Eni via The Advisors? Inner Circle Fund Cambiar Aggressive Value ETF (NYSE:CAMX).

Price Action: Eni shares are up 1.14% at $31.14 premarket at the last check Monday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.