Equinor signs $27bn natural gas supply deal with Centrica
Equinor has signed a significant contract with Centrica to supply the UK with natural gas over the next decade, valued at approximately £20bn ($27.11bn).
The deal secures the supply of 55 terawatt-hours (TWh) of natural gas per year, equivalent to around five billion cubic metres (bcm), for a ten-year period, beginning on 1 October 2025.
The contract terms are based on prevailing market prices.
This agreement builds on a long-standing supply relationship between Equinor and the UK, which began in 2005.
Equinor president and CEO Anders Opedal said: 'I am very pleased to strengthen the energy partnership with the UK and our long-standing partner and customer Centrica. This agreement will continue to support the UK's energy security with reliable gas supplies from the Norwegian Continental Shelf.
'The flexibility that natural gas offers will play a key role in enabling further development of renewable power and decarbonisation in the UK.'
Under the new contract, the annual gas volumes will account for nearly 10% of the UK's total gas demand.
As of 2024, the UK imported 66.2% of its gas requirements, with 50.2% of those imports sourced from Norway.
This represents an increase from 2022, when around one-third of UK gas imports came from Norway.
The contract includes provisions that allow for a potential shift from natural gas to hydrogen in the future, aligning with efforts to develop the UK's hydrogen sector.
Equinor's UK country manager, Alex Grant, added: 'The UK and the North Sea is a core area in our long-term ambitions to remain a supplier of reliable energy and to help decarbonise societies and industries.
'The new gas sales agreement with Centrica will be a key element in this. Energy security and decarbonisation must go hand in hand, and I am proud that Equinor is actively delivering both.'
In March, Equinor began production at the Halten East field in the Norwegian Sea.
The project is operated by Equinor Energy (69.5%) alongside partners Vår Energi (24.6%) and Petoro (5.9%).
"Equinor signs $27bn natural gas supply deal with Centrica" was originally created and published by Offshore Technology, a GlobalData owned brand.
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