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#Cooperation, ConocoPhillips and QatarEnergy Agree to Provide Reliable LNG Supply to Germany

#Qatar Extends #Cooperation for reliable energy supplies to the #German people.

  • #Qatar Extends #Cooperation for reliable energy supplies to the #German people.
  • Robert Habeck, Germany’s Economics Minister Calls the Deal “Super.”

HOUSTON : The American company, ConocoPhillips (NYSE: COP) and QatarEnergy today announced the signing of two agreements to supply long-term liquefied natural gas (LNG) to Germany. The suppliers are joint venture companies established between ConocoPhillips and QatarEnergy to participate in the North Field East (NFE) and North Field South (NFS) projects, and the buyer is a wholly owned subsidiary of ConocoPhillips. First delivery is expected in 2026 to the recently announced German LNG Terminal at Brunsbüttel.

  • #Cooperation, ConocoPhillips and QatarEnergy Agree to Provide Reliable LNG Supply to Germany#Cooperation, ConocoPhillips and QatarEnergy Agree to Provide Reliable LNG Supply to Germany

His Excellency Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, and President and CEO of QatarEnergy, and Ryan Lance, chairman and chief executive officer of ConocoPhillips, signed the LNG sale and purchase agreements during a special ceremony held at QatarEnergy’s headquarters in Doha in the presence of senior executives from both companies.

“QatarEnergy and ConocoPhillips are excited for the opportunity to responsibly and securely supply world markets with LNG from the Qatari expansion projects,” said Ryan Lance. “These agreements will provide an attractive LNG offtake solution for our new joint ventures with QatarEnergy and position the joint ventures as reliable sources of LNG supply into Europe.”

“This is the culmination of efforts between two trusted partners, QatarEnergy and ConocoPhillips, over many years, to provide reliable and credible LNG supply solutions to customers across the globe, and today, to German end-consumers,” said His Excellency Minister Al-Kaabi. “Germany is the largest gas market in Europe, with significant demand in the industrial, power, and household sectors, and we are committed to contribute to the energy security of Germany and Europe at large.”

#Qatar Extends #Cooperation for reliable energy supplies to the #German people
#Qatar Extends #Cooperation for reliable energy supplies to the #German people

Through its joint ventures with QatarEnergy, ConocoPhillips holds a 3.125% interest in the NFE project and a 6.25% interest in the NFS project. The company has agreed to terminal services for a 15-year period at the German LNG Terminal.

Robert Habeck, Germany’s Economics Minister Calls the Deal “Super.”

Germany’s economics minister on Tuesday welcomed the term of an agreement with Qatar on deliveries of liquefied natural gas to Germany, calling it “super.”

“Fifteen years is great,” said Robert Habeck at an industry conference in Berlin, adding that the duration could also have been an even longer contract.

Referring to the 15-year term, he said Germany wants to become climate neutral by 2045.

About ConocoPhillips

ConocoPhillips is one of the world’s leading exploration and production companies based on both production and reserves, with a globally diversified asset portfolio. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 13 countries, $95 billion of total assets and approximately 9,400 employees at September 30, 2022. Production averaged 1,731 MBOED for the nine months ended September 30, 2022, and proved reserves were 6.1 BBOE as of Dec. 31, 2021.

By : Muhammad Arif

 

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