Under the new agreement, contract prices have become fully market reflective and are now indexed on the French PEG hub. This year, Engie’s gas supply contracts with Statoil represent a total volume of 7.5 billion m3/yr, i.e. approximately 20% of the Group's portfolio of long-term gas contracts that can supply France.

Édouard Neviaski, CEO of Engie's Global Energy Management Business Unit, said: “Engie and Statoil have demonstrated the possibility to find a commercial solution to modernise historical long-term contracts and to adapt them to today’s market environment. This renegotiation proves the quality of the relationship between our two companies […] With this agreement, Engie has de-risked its long-term supply contracts by adjusting their pricing to market conditions.”

In April 2016, Engie and Gazprom Export also reached an agreement to adapt the price of long-term gas supply contracts.