ReutersReuters

QatarEnergy, ConocoPhillips sign LNG deal for Germany

MOSCOW (MRC) — QatarEnergy and ConocoPhillips have signed two sales and purchase agreements to export liquefied natural gas to Germany for at least 15 years starting 2026 – the first such supply deal to Europe from Qatar’s North Field expansion project, said Reuters.

The agreement will provide Germany with two million tonnes of LNG annually, arriving from Ras Laffan in Qatar to Germany’s northern LNG terminal at Brunsbuettel, QatarEnergy’s chief executive said.

“The agreements mark the first ever long-term LNG supply agreement to Germany, with a supply period that extends for at least 15 years, thus contributing to Germany’s long-term energy security,” CEO Saad Al Kaabi said in a joint news conference with ConocoPhillips CEO Ryan Lance.

The agreement comes as the European economic powerhouse scrambles to replace Russian gas supplies that have been cut during the ongoing war in Ukraine. Officials gave no dollar value for the deal.

As European countries supported Ukraine after Russia’s invasion in February, Moscow slashed supplies of natural gas used to heat homes, generate electricity and power industry, creating an energy crisis that is fueling inflation and increasing pressure on companies as prices rose.

Germany, which got more than half its gas from Russia before the war, has not received any LNG from Russia since the end of August.

We remind, QatarEnergy has chosen Italy’s Eni, US major ConocoPhillips, and supermajor ExxonMobil as its newest strategic partners in the North Field East Expansion (NFE), joining France’s TotalEnergies on a growing roster of international players that will develop the LNG industry’s largest project to date. For Eni, NFE will be the its first foray into Qatar’s upstream sector, while ConocoPhillips, ExxonMobil, and TotalEnergies share long histories in the country's LNG industry.mrchub.com

Author:Anna Larionova

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