Daily Newsletter

18 September 2023

Daily Newsletter

18 September 2023

ConocoPhillips signs long-term LNG deal in Netherlands

ConocoPhillips will receive about 1.5mtpa of LNG from the Gate LNG import terminal, starting from September 2031.

September 15 2023

ConocoPhillips has signed an agreement to book LNG capacity at the Gate LNG import terminal in the port of Rotterdam, the Netherlands as part of its efforts to further diversify its global LNG portfolio.

The agreement has been signed with Gate Terminal B.V., a natural gas hub at the Port of Rotterdam. Gate Terminal B.V. is a joint venture of Vopak and Gasunie.

It follows similar LNG deals signed by ConocoPhillips in Germany, Mexico and Qatar since 2022.

Under the 15-year throughput agreement, ConocoPhillips will receive about 1.5 million tonnes per annum (mtpa) of LNG from the terminal starting from September 2031.

The terminal supplies gas to the Netherlands as well as to northwest Europe.

ConocoPhillips chief financial officer Bill Bullock said: “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.

“Expanding our LNG footprint with agreements like this further enhances a balanced, diversified and attractive portfolio as we progress our global LNG strategy.”

In August 2023, ConocoPhillips signed 20-year deal with Mexico Pacific to receive 2.2mtpa of LNG from the latter’s Saguaro export facility.

Located in Puerto Libertad, Sonora, the Saguaro Energia LNG facility will initially comprise three trains with a combined capacity of 15mtpa.

Quantum computers could transform oil and gas research

Although quantum computing is still in the R&D stage, its potential use cases in the oil and gas industry are numerous and are likely to expand. Oil majors, such as BP and ExxonMobil have joined IBM’s Q Network to develop quantum computers that will increase the understanding of subsurface geology. Companies are also looking at these computers to study molecular modeling and emission mitigation. Besides, the long-standing problems of matching demand with production and optimizing supply chains could be solved using quantum computing.

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