Equinor and Centrica have announced an agreement to deliver additional gas supplies to the UK. The supply agreement will provide further energy security for the UK over the coming three winters.
The new supply agreement adds around 1 billion cubic metres (bcm) per year to Equinor’s existing, bilateral contract with Centrica and brings the total volume under the contract above 10 bcm per year.
With Britain currently importing around a third of its gas requirements from Norway, the announcement underlines the strategic importance of the Norwegian relationship to UK energy security.
“In a period with a challenging geopolitical and macroeconomic environment with strong demand for natural gas, we at Equinor are doing what we can to export as much gas as possible to the market. Equinor is proud to be a long-term, reliable energy partner with both Centrica and the UK, and I am very happy that through this agreement we are able to contribute to the UK securing further energy supply for the coming winters,” says Equinor’s senior vice president Gas & Power, Helge Haugane.
“This agreement is good news for the country and for our customers. At a time where energy security is paramount, I’m delighted that we are able to do our bit to ease the pressure and provide some more certainty ahead of what may be a difficult winter. As Britain’s biggest energy supplier, through British Gas, we take our responsibility to securing supplies for over 8 million domestic and business customers very seriously. This important agreement with Equinor both underpins vital domestic supplies and strengthens the strategic relationship between the UK and Norway,” says Chris O’Shea, Centrica Group Chief Executive.
Equinor every year typically supplies 20-22 bcm of natural gas to the UK which covers over 25 % of UK gas demand.