ConocoPhillips signs 15-year LNG deal at Gate terminal in Netherlands - Reuters
ConocoPhillips signs 15-year LNG deal at Gate terminal in Netherlands | Reuters
ConocoPhillips signs 15-year LNG deal at Gate terminal in Netherlands
The logo of American oil and natural gas exploration and production company ConocoPhillips is seen during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo Acquire Licensing Rights
Sept 14 (Reuters) - ConocoPhillips (COP.N) on Thursday said it has signed a 15-year liquefied natural gas (LNG) throughput deal in the Netherlands, starting in 2031, to secure additional regasification capacity in Europe.
The deal signed with Gate Terminal B.V., a natural gas hub at the Port of Rotterdam, expands ConocoPhillips global LNG presence. It follows similar LNG agreements secured since 2022 in Germany, Mexico and Qatar.
The oil producer's agreement with Gate LNG terminal is sized at 1.5 million tonnes per annum of natural gas. The joint venture between Vopak and Gasunie supplies natural gas to the Netherlands and northwest Europe.
"Expanding our LNG footprint with agreements like this further enhances a balanced, diversified, and attractive portfolio as we progress our global LNG strategy," said Bill Bullock, chief financial officer of ConocoPhillips.
In August, ConocoPhillips signed 20-year deal to receive a collective 2.2 million tons of LNG a year from Mexico Pacific's Saguaro export facility on the west coast of Mexico.
The oil producer also has positions in Qatar and Australia and offtake and equity in Sempra’s recently sanctioned Port Arthur LNG Phase 1 project on the U.S. Gulf Coast. Last year, it also signed a regasification agreement with the German LNG Terminal.
Reporting by Seher Dareen in Bengaluru and Sabrina Valle in Houston; Editing by Shailesh Kuber and David Gregorio
Our Standards: The Thomson Reuters Trust Principles.
Related Knowledge Center: Liquefied natural gas
Driven by plentiful natural gas produced from shale plays, the United States began exporting liquefied natural gas in 2016 when the Sabine Pass terminal in Louisiana opened and shipped its first cargo. Since then, additional capacity, or trains, have been added to Sabine Pass, and terminals have become operational in Cameron Parish, La.; Hackberry, La.; Cove Point, Md.; and Corpus Christi, Texas. The Energy Information Administration projects that U.S. LNG export capacity will reach 8.9 billion cubic feet per day (Bcf/d) by the end of 2019, making it the third largest in the world, behind Australia and Qatar. The tariff war with China has the potential to impact some final investment decisions for additional terminals in the coming months.