Excelerate Energy Inc. has announced an official agreement for offtake at its proposed European LNG terminal as countries continue to scramble for access to imported energy.

Excelerate, based in The Woodlands, TX, has signed a memorandum of understanding (MOU) with Bulgaria’s Overgas Inc. AD to provide liquefied natural gas (LNG) regasified at its developing project in Albania. Excelerate could provide 1 billion cubic meters/year (Bcm/y) for 10 years from its floating storage and regasification unit (FSRU).

Excelerate’s Oliver Simpson, commercial vice president, said the company believes the agreement with Overgas could be the first of many as the region seeks “flexible access to LNG” critical for energy security.

“Integrated LNG projects like the Vlora Terminal are...