alvarez
British Gas owner Centrica (OTCPK:CPYYF) (OTCPK:CPYYY) said Friday it entered into a natural gas agreement with Devon Energy (NYSE:DVN), which will supply 50K MMBtu/day of natural gas – the equivalent to five liquefied natural gas cargoes per year – over a 10‑year term starting in 2028; the volumes will be indexed to the TTF European benchmark price.
The deal expands Centrica’s (OTCPK:CPYYF) (OTCPK:CPYYY) global gas business after recently opening a New York office, and “supports Centrica’s objective of managing market price risk in its LNG portfolio by aligning feed gas pricing with European gas prices whilst providing Devon Energy with international price exposure.”
Centrica (OTCPK:CPYYF) (OTCPK:CPYYY) signed a 15-year agreement in February to supply American LNG to Petrobras, and last year it struck a deal with U.S.-based Coterra Energy to secure more gas.