ConocoPhillips revealed the new deals in its second-quarter results report on Thursday, saying both deals are expected to begin in 2028.
Answering a question regarding the LNG businesses during the earnings call on Thursday, Andy O’Brien, chief financial officer and executive vice president, strategy and commercial, said that ConocoPhillips “added another 1.5 mtpa of regas capacity at Dunkirk in France.”
“And we also executed an SPA with an Asian buyer,” he said.
O’Brien did not say whether this SPA is related to the deal signed with China’s Guangdong Pearl River Investment Management Group in May this year.
The energy firm signed a 15-year LNG supply deal with the Chinese firm.
This is Guangdong Pearl River’s first long-term LNG purchase agreement.
“With those two announcements, we now effectively placed the entire 5 mtpa from Port Arthur,” he said.
Besides Dunkirk LNG, ConocoPhillips previously made capacity bookings at import terminals in the Netherlands, Belgium, and Germany.
France’s Dunkerque LNG operates the Dunkirk LNG terminal with an annual regasification capacity of 13 billion cubic meters of natural gas.
Dunkerque LNG owners include two groups with the first consortium led by Fluxys holding a 61 percent stake.
ConocoPhillips previously secured 5 mtpa of offtake from the first phase of Sempra Infrastructure’s Port Arthur LNG project in Texas, and took a 30 percent equity interest in the project.
The company’s total offtake in North America is about 7.4 mtpa, pending FID at Mexico Pacific’s Saguaro Energia LNG.
Going forward, ConcoPhilips is “continuing to have conversations both on the offtake side of things and on the placement,” O’Brien said.
“But everything is tracking really well. We placed everything we have today. So now we’re looking basically to the next steps,” he said.
“And what I can say in that space is that things certainly aren’t slowing down, both in terms of opportunities for more offtake and conversations with customers in Europe and Asia,” O’Brien said.
“Hopefully, we’ll have more to talk about in the coming quarters. And I’m really pleased to have the commercial LNG part starting to come together to really complement what we’ve already got with our resource LNG in Australia and Qatar,” he said.
Boosting LNG portfolio
ConocoPhillips is heavily investing in expanding its LNG business.
The company recently loaded its inaugural LNG cargo at the Punta Europa LNG plant in Equatorial Guinea.
Last year, ConocoPhillips bought Marathon Oil in an all-stock transaction with an enterprise value of $22.5 billion.
ConocoPhillips said the acquisition includes about 2 mtpa net LNG capacity with supply optimization opportunities in Equatorial Guinea.
In addition, ConocoPhillips increased its stake in the Australia Pacific LNG export project in 2022, and purchased stakes in QatarEnergy’s giant North Field East (NFE) project and the North Field South (NFS) project.
On the offtake side, ConocoPhillips also signed deals with Germany’s SEFE and Uniper last year.
