Italy-focused Mediterranean Oil & Gas (MOG) reported Thursday that its Medoilgas Italia subsidiary has signed a gas sales contract that will see all the company's production from its Guendalina gas field sold to Repower Italia from Oct. 1. 2013 until Sept. 30, 2014.
Repower has already purchased all production from Guendalina since April 1, 2012 to Sept. 30, 2013 under the firms' existing deal.
The new contract includes an option for the company to sell all or part of its onshore Italy gas production that is connected to the Italian gas distribution network to Repower at the same payment terms. Currently, around 75 percent of the company's onshore Italy gas production is connected to the gas distribution network with the remaining 25 percent sold to local customers.
MOG Chief Executive Dr. Bill Higgs commented in a company statement:
"We are very pleased to renew our relationship with Repower until the end of the thermal year ending in 2014. Repower has proven to be a good customer in what continues to be a challenging gas market in Italy."
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