US-based ConocoPhillips has agreed to supply Germany with up to 10 billion cubic metres of gas over the next ten years. The German company is still looking for attractive long-term contracts to replace the cut-off supply of Russian gas.
“Uniper and ConocoPhillips have expanded their long-term gas partnership to supply up to 10 billion cubic meters of natural gas over the next 10 years.” – Uniper reports. The company is the largest importer of gas to Germany and was previously one of the largest customers of Gazprom, against which it was in arbitration over gas supply disruptions at the end of August 2022. The company complained of multi-billion-dollar losses due to the need to buy fuel on the stock exchange, was nationalized and this year declared victory in the Stockholm arbitration with compensation of 13 billion euros.
The American company ConocoPhillips will obviously be one of the substitutes for Gazprom. According to the contract with the Russian company, Uniper was to receive about 24 billion cubic meters per year until 2035.
“Under the agreement, ConocoPhillips will supply natural gas in northwestern Europe via pipeline and LNG. ConocoPhillips and Uniper have enjoyed a strong and reliable energy partnership for decades,” the German utility said.
ConocoPhillips is involved in LNG projects in Qatar and signed two 15-year agreements with QatarEnergy in 2022 for shipments of up to 2 million tonnes (around 2.8 billion cubic metres) per year. These will be delivered to the German LNG terminal in Brunsbüttel, Germany, starting in 2026.
However, as a ConocoPhillips representative told Reuters, the agreement with Uniper concerns the supply of gas by pipeline. The US energy giant has stakes in Norwegian fields.
