ConocoPhillips is advancing its global liquefied natural gas strategy with an agreement to acquire further European capacity at the Gate terminal in the Netherlands.
The terminal at the Port of Rotterdam is a joint venture of Gasunie and Vopak. It has been in operation for 12 years and is an LNG hub that supplies gas to the Netherlands and northwest Europe.
ConocoPhillips’ 15-year throughput agreement for 1.5 million tonnes (2 billion cubic metres of gas equivalent) per annum is scheduled to begin in September 2031.
“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, ConocoPhillips chief financial officer.
“Expanding our LNG footprint with agreements like this further enhances a balanced, diversified and attractive portfolio as we progress our global LNG strategy.”
ConocoPhillips noted that the acquisition complements its LNG resource positions in Qatar and Australia; offtake and equity in Sempra’s recently sanctioned Port Arthur LNG Phase 1 project on the US Gulf Coast; a regasification agreement at the German LNG terminal; and offtake agreements at Mexico Pacific’s Saguaro LNG export facility on the west coast of Mexico.