September 15, 2023 [LNG Prime]- US energy giant ConocoPhillips has signed a deal to book long-term capacity at the Dutch Gate LNG import terminal, owned by Gasunie and Vopak, in the port of Rotterdam.
The 15-year throughput agreement for about 1.5 million tonnes per annum (Mtpa), or 2 Bcm equivalent, begins in September 2031, ConocoPhillips said in a statement late on Thursday.
With the commercial agreement, ConocoPhillips secures access to this “important market” for the company’s growing global LNG portfolio, it said.
Also, the energy firm now secured additional regasification capacity in Europe after it agreed last year to book long-term capacity at the planned onshore LNG import terminal in Brunsbuettel, Germany.
This agreement further complements the company’s foundational LNG resource positions in Qatar and Australia, offtake and equity in Sempra’s recently sanctioned Port Arthur LNG Phase 1 project, and the offtake agreements at Mexico Pacific’s Saguaro LNG export facility, ConocoPhillips 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,” Bill Bullock, executive vice president and chief financial officer of ConocoPhillips, said in the statement.
“Expanding our LNG footprint with agreements like this further enhances a balanced, diversified, and attractive portfolio as we progress our global LNG strategy,” Bullock said.
Gate Expansion
Dutch gas grid operator Gasunie and compatriot storage tank firm Vopak recently took a final investment decision to build the fourth storage tank and add more regasification capacity at their Gate LNG terminal.
The expansion consists of a new LNG storage tank of 180,000 cubic meters and additional regasification capacity of 4 Bcm per year.
Also, the new capacity is already rented out under long-term commercial agreements and is expected to be ready for operation by the second half of 2026.
UK-based energy giant BP and a unit of PetroChina have previously agreed to book long-term capacity.
They will each acquire 2 Bcm per year of regasification and also corresponding storage capacity for a period of 20 years.
Following the completion of all planned projects, Gate will have a total regas capacity of 20 Bcm per year and four LNG tanks with 720,000 cbm of storage capacity.
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