Venture Global y ConocoPhillips they signed a liquefied natural gas (LNG) supply agreement that includes the purchase of 1 million tons per year for 20 years, with deliveries planned from 2030.
The contract adds ConocoPhillips to Venture Global’s client portfolio and expands the US energy company’s access to LNG volumes destined for the international market.
ConocoPhillips secures LNG supply from 2030
According to the terms of the purchase agreement, ConocoPhillips will acquire 1 MTPA of LNG from Venture Global for two decades. If the annual volume is maintained throughout the contractual period, the cumulative supply would reach approximately 20 million tons.
The agreement adds a new US supply source to ConocoPhillips global LNG portfolio, which also maintains a stake in major international liquefied natural gas projects.
For its part, Venture Global adds a new buyer to support the commercialization of its growing production and development capacity in the United States.
Venture Global is proud to welcome ConocoPhillips, one of the world’s leading energy companies, as a long-term partner.
Mike Sabel, CEO of Venture Global.
Sabel also indicated that the agreement reflects the market’s confidence in the company’s ability to supply reliable, competitive, and large-scale US LNG.
Venture Global surpasses 100 MTPA of capacity
Venture Global it currently has over 100 million tons of annual LNG capacity including facilities in production, construction and development.
The company began liquefied natural gas production at its first facility in 2022 and has since rapidly expanded its presence within the US LNG export industry.
His first three major projects are located in Louisiana, near the Gulf of Mexico, Calcasieu Pass, Plaquemines LNG y CP2 LNG these facilities are part of their strategy to increase capacity for international supply contracts.
The company also participates in various stages of the natural gas value chain, its activities include gas transportation, LNG production, shipping, and regasification. In addition, the company is developing carbon capture and storage initiatives linked to its LNG facilities.
The agreement expands ConocoPhillips global portfolio
For ConocoPhillips, the contract incorporates US supply for 20 years into an LNG portfolio with an international presence.
The company maintains interests in projects linked to QatarEnergy and participates in developments related to the expansion of liquefied natural gas capacity in Qatar.
The new agreement with Venture Global thus establishes a contracted volume from the United States starting in 2030 and diversifies the supply sources available for its global LNG business.
For Venture Global, the addition of ConocoPhillips expands its buyer base as it continues to develop new liquefied natural gas production and export capacity in Louisiana.
Source: OE OFFSHORE ENGINEER
Photo: Shutterstock
