Vår Energi and VNG Extend Gas Supply Contract for Additional 12 Years

Vår Energi ASA has prolonged its enduring contract with VNG Handel & Vertrieb GmbH for the supply of up to five billion cubic meters (bcm) of natural gas over a period of 12 years.

The agreement builds upon the extensive relationship between Vår Energi and VNG, which dates back to the early 1990s. Nick Walker, CEO of Vår Energi, highlights:

"Our arrangement with VNG addresses the essential long-term energy requirements of our European clientele. Vår Energi remains committed to being a dependable and secure natural gas producer, supplying energy to households, communities, and businesses across the continent for decades to come. Over the past thirty years, we have been a significant supplier of natural gas and are pleased to strengthen our partnerships with long-term gas buyers."

This agreement underscores Europe's confidence in Norway as a key energy provider. Vår Energi, ranked as Norway's second-largest natural gas exporter, will persist in exploring for more petroleum resources across the Norwegian Continental Shelf. Ensuring ongoing access to new exploration areas, maintaining stable long-term regulatory frameworks, and receiving political support are critical factors that enable us to fulfill our commitments to European customers while fostering value creation in Norway.

Ulf Heitmüller, CEO of VNG AG, expressed satisfaction with the extension of our long-term contract and the increase in volumes with Vår Energi. He emphasized the enduring and trustworthy partnership that has existed between Vår Energi, its predecessor organizations, and VNG since the early 1990s. Norway has consistently served as a stable and reliable energy supplier to VNG, characterized by its impressive low carbon footprint and nearly zero methane emissions. This extended agreement for natural gas deliveries underscores our mutual dedication to securing a sustainable energy supply across Europe. We value the trust that Vår Energi has shown in us and eagerly anticipate the continuation of our successful collaboration.

According to the agreement, Vår Energi will supply a maximum of five billion cubic meters (bcm) of gas between 2024 and 2036. Deliveries will take place at the gas terminals located in Emden and Dornum, Germany, and will be priced based on current market terms.

In conclusion, the extension of the agreement between Vår Energi and VNG Handel & Vertrieb GmbH marks a significant milestone in their collaborative efforts to sustainably meet Europe's energy demands. It underscores their shared commitment to reliability, trust, and environmental stewardship, setting a solid foundation for continued cooperation and mutual benefit well into the future.