HomeNewsConocoPhillips signs 15-year LNG deal at Gate terminal in Netherlands

ConocoPhillips signs 15-year LNG deal at Gate terminal in Netherlands

9/15/2023

(Reuters) - ConocoPhillips said it has signed a 15-year 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 tons 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.

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