ConocoPhillips signs 20-year LNG deal with Venture Global
Venture Global and ConocoPhillips said on Thursday they had signed a 20-year liquefied natural gas (LNG) supply agreement under which ConocoPhillips will buy one-million tonnes a year of LNG starting in 2030.
The deal comes as ConocoPhillips looks to bolster its LNG portfolio while challenges stemming from the Iran conflict have affected QatarEnergy’s LNG operations and expansion projects in which ConocoPhillips holds interests.
Venture Global said the agreement will support ConocoPhillips’ growing global LNG portfolio.
ConocoPhillips holds a 30% interest in QatarEnergy’s Ras Laffan LNG project and also has stakes in LNG expansion projects in Qatar.
Venture Global said it has more than 100-million tonnes a year of LNG capacity in production, construction or development.
The company’s first three LNG projects, Calcasieu Pass, Plaquemines LNG and CP2 LNG, are located in Louisiana.