Norwegian-based oil and gas producer Vår Energi has extended the long-term agreement for delivery of up to a total of five billion cubic meters (bcm) natural gas to Italian energy company Eni over a 12-year period.

Under the terms of the deal, Vår Energi will deliver the natural gas over the time period 2024-2036, with the volumes to be delivered at the gas terminals in Emden and Dornum in Germany and will be priced at market terms, as Vår Energi informs.

Vår Energi has been a key supplier of natural gas over the last three decades, says Vår Energi.

The agreement demonstrates Europe’s trust and dependency of Norway as a key energy provider in a testing time for the continent, and as Norway’s second largest exporter of natural gas, Vår Energi will continue to explore for further petroleum resources across the Norwegian Continental Shelf.

Nick Walker, chief executive of Vår Energi, said: “The deal entails doubling our committed delivery of natural gas to a total of 10 bcm over the 12-year period to two of our long-standing partners. This will ensure access to energy for households, communities and businesses across the continent until the mid 2030’s.”