ConocoPhillips announces long-term pact for European regas capacity

ConocoPhillips (COP) announced further progress on its global liquefied natural gas strategy, signing a commercial agreement to secure additional regasification capacity in Europe at the Gate LNG terminal in the Netherlands. This agreement further complements the company’s foundational LNG resource positions in Qatar and Australia, offtake and equity in Sempra’s (SRE) recently sanctioned Port Arthur LNG Phase 1 project on the U.S. Gulf Coast, regasification agreement at the German LNG Terminal announced last year, and the offtake agreements at Mexico Pacific’s Saguaro LNG export facility on the west coast of Mexico announced last month. “Adding capacity at the Gate LNG terminal fits well with our efforts to deliver reliable, lower-carbon energy into Europe from highly competitive LNG supply,” said Bill Bullock, executive vice president and chief financial officer of ConocoPhillips. “Expanding our LNG footprint with agreements like this further enhances a balanced, diversified, and attractive portfolio as we progress our global LNG strategy.”