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ConocoPhillips (NYSE:COP) and QatarEnergy announced agreements Tuesday to supply 2M/year metric tons of liquefied natural gas to Germany for 15 years starting in 2026, as Germany seeks to cover future gas needs following the rupture of its energy relationship with Russia.
The volume would cover ~3% of Germany’s 2021 annual gas consumption and is the first long-term deal Qatar has signed with Europe.
The gas will come from ConocoPhillips’ (COP) joint ventures in Qatar and will be delivered to the Brunsbuttel floating import terminal currently under construction.
Through the joint ventures, ConocoPhillips (COP) holds a 3.125% interest in Qatar’s North Field East project and a 6.25% interest in the North Field South project.
The deal follows an agreement Qatar signed with China last week to supply Sinopec with LNG for 27 years.
Image and article originally from seekingalpha.com. Read the original article here.