ConocoPhillips and Venture Global have signed a deal that would see the liquefied natural gas major supply 1 million tons to Conoco beginning in 2030. The deal is part of a broader trend in energy to boost LNG exposure after QatarEnergy’s force majeure, with the outlook for LNG demand remaining robust despite geopolitics and their effect on prices.
“Venture Global is proud to welcome ConocoPhillips, one of the world’s leading energy companies, as a long-term partner,” the company’s chief executive Mike Sabel said. “This agreement reflects continued market confidence in our proven ability to deliver reliable, low-cost U.S. LNG quickly and at scale.”
Venture Global has not always had smooth relationships with Big Oil. In fact, there are half a dozen international oil majors suing the company for violating long-term supply contracts for faster profits on the spot market.
Shell, BP, Repsol, and other major oil and gas firms accused Venture Global in 2023 of profiteering by selling on the higher-priced spot market LNG cargoes that should have been supplied under their long-term contracts. The U.S. firm used a loophole to do that by extending the deadline for officially commissioning the Calcasieu Pass export project.
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In August, Shell lost the arbitration against Venture Global as the tribunal ruled that the U.S. company had not violated its contractual obligations with its long-term clients. Two months later, however, the court ruled in favor of another plaintiff, BP.
Meanwhile, Venture Global has been building its capacity at two facilities, both already operating, and it is building more. At the moment, the company has a total of 100 million tons of liquefied natural gas annually in capacity, including operating capacity and capacity under construction and development, Investing.com noted in a report on the Conoco deal. The company is one of the biggest LNG traders globally.
By Irina Slav for Oilprice.com
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