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The commercial agreement secures additional regasification capacity at the Gate Terminal B.V. LNG hub in the Netherlands.
ConocoPhillips has signed a contract to secure more regasification capacity at the Gate LNG terminal at the Port of Rotterdam in the Netherlands. The Gate Terminal B.V.—live for commercial operation in 2011— is an LNG joint venture between Vopak and Gasunie, supplying processed natural gas to the Netherlands and Europe’s northwest region. The 15-year throughput agreement for 1.5 million tonnes per annum (MTPA) begins in 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, 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.”
This agreement expands ConocoPhillips’ portfolio of LNG assets, joining resource locations in Qatar and Australia, offtake and equity in the Port Arthur LNG Phase 1 project, regasification at the German LNG terminal, and offtake from Mexico Pacific’s Saguaro LNG export facility.