Vår Energi ASA has extended the long-term agreement for delivery of up to a total of five billion cubic meters (bcm) natural gas to Eni S.p.A. (Eni) over a 12-year period. The agreement adds to the recently announced gas sales contract with VNG. Vår Energi has been a key supplier of natural gas over the last three decades and it strengthens the partnership with both long-term gas buyers.

The agreement demonstrates Europe's trust and dependency of Norway as a key energy provider in a testing time for the continent. 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 ability to meet the obligations to European customers and to ensure value creation in Norway" Under the terms of the agreement, Vår Energi will deliver up to five bcm of gas over the time period 2024-2036.

The volumes will be delivered at the gas terminals in Emden and Dornum in Germany and will be priced at market terms.