ConocoPhillips has signed a commercial agreement to secure additional regasification capacity in Europe at the Gate LNG terminal in the Netherlands.
The signed 15-year agreement will see ConocoPhillips offtake around 1.5 million tonnes per annum from the LNG site, beginning September 2031.
A joint venture of Vopal and Gasunie, Gate Terminal is an LNG hub at the Port of Rotterdam that has supplied natural gas to the Netherlands and northwest Europe since 2011.
Bill Bullock, Executive Vice-President and Chief Financial Officer of ConocoPhillips, said that adding capacity at the Gate LNG terminal fits well with the company’s efforts to deliver reliable lower-carbon energy into Europe from a highly competitive LNG supply.
He added, “Expanding our LNG footprint with agreements like this further enhances a balanced, diversified, and attractive portfolio as we progress our global LNG strategy.”
In 2022 ConocoPhillips grew its LNG portfolio in several key areas. In Feburary 2022, the company purchased an additional 10% shareholding interest in APLNG from Origin Energy, expanding its total equity share to 47.5%.
The company also signed a sale and purchase agreement to acquire 30% of the equity in Phase 1 of the Port Arthur LNG project under development in Jefferson County, Texas.
The LNG deal was signed in conjunction with a 20-year sale and purchase agreement.
November 2022 saw ConocoPhillips sign agreements forming two joint ventures with QatarEnergy related to the North Field East (NFE) and the North Field South (NFS) LNG projects. As of December 2022, ConocoPhillips also has a 25% shareholding interest in the Qatar Liquified Gas Company.
Most recently, ConocoPhillips have signed a 20-year liquified natural gas (LNG) sales and purchase agreement with Mexico Pacific. Under terms of the deal, Mexico Pacific will supply ConocoPhillips with around 2.2 million tonnes per annum in aggregate of LNG across trains one, two, and three of its Saguaro Energia LNG export facility.
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