bp has signed an agreement with Austria's OMV to supply the latter with liquefied natural gas (LNG) for a period of ten years, effective from 2026.

Under the long-term sale and purchase agreement bp will supply up to one million tonnes of LNG to the Austrian company.

The LNG will be delivered from bp’s diverse and global portfolio of LNG.

bp said that the LNG will be received and re-gasified through the Gate LNG terminal in Rotterdam, the Netherlands, where OMV owns regasification capacity.

bp global LNG trading and origination vice-president Jonty Shepard said: “At bp, we see LNG as an essential part of the energy transition and essential for our own pivot to becoming an integrated energy company.

“We are pleased to conclude this LNG sale-and-purchase agreement with OMV, with whom we have a long-standing relationship. Europe is a significant LNG market and this agreement with OMV further demonstrates our LNG supply capability in the region, supporting security of supply for our European customers.”

In a separate announcement, OMV said it has made a new gas discovery at the Wittau Tief-2a exploration well in Lower Austria.

As per the preliminary evaluation, the well has potential recoverable resources of approximately 48 terawatt-hours (or 28 million barrels of oil equivalent).

The company expects the discovery to increase its natural gas production in Austria by 50% after full development.

OMV CEO and executive board chairman Alfred Stern said: “The positive result of our exploration is exciting news for OMV and its customers. As we continue to work on our strategy to diversify our supply sources of natural gas, this new find marks a major contribution to the natural gas supply of our customers, especially in Austria, with an expected increase of our local production.”