ConocoPhillips Locks in 20-Year LNG Deal with Venture Global

ConocoPhillips has signed an agreement to purchase one million metric tons per annum (MMtpa) of liquefied natural gas (LNG) from Venture Global Inc for 20 years, starting in 2030.

This deal marks the first time ConocoPhillips will be taking LNG from Venture Global's CP2 project, which is currently under construction and expected to enter production next year. The company already has a stake in Port Arthur LNG phase 1 and has offtakes from other projects including NextDecade Corp's Rio Grande LNG project.

Venture Global CEO Mike Sabel stated that the agreement reflects continued market confidence in their ability to deliver reliable, low-cost U.S. LNG quickly and at scale.