The Norwegian oil and gas company Equinor has signed a long-term agreement to supply 12 TWh/year (1.2 bcm/year) of natural gas to the Austrian energy company OMV. Gas supply will begin on 1 October 2023 and is due to last five years. The gas will be delivered at Germany's virtual trading hub THE (Trading Hub Europe) for OMV's European portfolio and priced at market terms.
The deal is part of Austria’s strategy to diversify its gas supply in the context of strained relations with Russia. Indeed, OMV still has long-term supply contracts with Russia's Gazprom, running until 2040, and Austria receives around two-thirds of its gas imports from Russia.
In 2021, Austria consumed about 9.3 bcm of natural gas, up from 8.8 bcm in 2020. The country imported around 4.8 bcm of gas in 2021.