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(Reuters) – Venture Global and ConocoPhillips said on Thursday they had signed a 20-year liquefied natural gas (LNG) supply agreement under which ConocoPhillips will buy 1 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.
Here are more details:
- Under the agreement, ConocoPhillips will purchase 1.0 million tonnes a year of LNG from Venture Global for 20 years, with deliveries beginning in 2030.
- 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 MTPA 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.
Reporting by Varun Sahay in Bengaluru; Editing by Tasim Zahid
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