Equinor signs 10-year gas supply deal with Centrica

Equinor has agreed to a deal with Centrica that will see the operator provide about 5 billion cu m/year (bcmy) of natural gas from the Norwegian Continental Shelf to the UK.

The 10-year gas sales agreement will begin Oct. 1, 2025, at terms reflecting market prices. The total contract value would be around £20 billion assuming current prices, Equinor said in a release June 5.

Britain currently imports nearly 2/3 of its gas requirements from Norway, with Equinor being the major supplier, the company said. The annual volumes under the new agreement will cover nearly 10% of total annual UK gas demand.