OMVKY Omv Ag Bearer (PK)

   By Mauro Orru 
 

British oil-and-gas major BP signed a long-term sale and purchase agreement with Austria's OMV for the supply of liquefied natural gas.

The Austrian oil-and-gas company said Friday that the 10-year agreement covers the supply of up to 1 million metric tons of liquefied natural gas a year starting in 2026.

BP will supply the gas, which will be regasified in the Netherlands, where OMV has regasification capacity, or other terminals in Europe.

Meanwhile, OMV unveiled what it called the largest natural gas discovery in Austria in 40 years at the Wittau Tief-2a exploration well.

The group said a preliminary assessment indicates potential recoverable resources of roughly 48 terawatt hours, or 28 million barrels of oil equivalent. OMV expects its natural gas production in Austria to increase by 50% after full development of the site.

OMV didn't disclose financial terms of the deal.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

July 28, 2023 02:49 ET (06:49 GMT)

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