Gazprom’s former German arm, SEFE, previously Gazprom Germania, has finalized agreements with Norway’s Equinor to secure an annual supply of 10 billion cubic meters of natural gas for the period spanning 2024 through 2034. Equinor confirmed the deal directly, underscoring a strategic partnership between the two energy players.
The arrangement includes an option to extend for an additional five years, which would translate into roughly 29 billion cubic meters of additional volume within the same timeframe. This extension creates a flexible framework that could help SEFE and Equinor adapt to evolving market conditions while maintaining a steady gas supply for the buyer’s markets.
Under the terms, the yearly deliveries have the potential to cover about one third of Germany’s industrial gas demand, assuming current consumption patterns. The gas would be sold at market-based prices and routed to Germany’s principal trading hubs, including Trading Hub Europe, as well as the Dutch Title Transfer Facility, and the United Kingdom’s National Balancing Point. This pricing and routing setup aligns with regional gas markets and pricing mechanisms that consumers and industry rely on for transparent, benchmark-based transactions.
Beyond the gas deal, the companies also signed a non-binding agreement for SEFE to acquire low-carbon hydrogen from Equinor at a future date, covering potential purchases from 2029 to 2060. This side agreement signals joint interest in diversifying energy supplies and reducing emissions within the European energy mix as decarbonization goals progress.
Analysts have noted Russia’s ongoing influence in the European gas market as part of the broader supply landscape. Market observers continue to assess how geopolitical dynamics, alongside European energy policy and market reforms, will shape access to diverse energy sources and price stability in the months ahead.
In related outlooks, financial analysts have projected a range of scenarios for oil prices as the year unfolds, reflecting the interplay of global demand, supply decisions, and macroeconomic factors that influence energy markets across Canada, the United States, and beyond.