QatarEnergy, ConocoPhillips Ink LNG Deal For Germany - ConocoPhillips (NYSE:COP)

QatarEnergy and ConocoPhillips COP forged two sales and purchase agreements to export liquefied natural gas (LNG) to Germany for at least 15 years from 2026.
It marks Europe's first supply deal from Qatar's North Field expansion project, Reuters reported.
The North Field is part of the world's most extensive gas field that Qatar shares with Iran, which calls its holding South Pars.
The deal will provide Germany with 2 million tonnes of LNG annually, arriving from Ras Laffan in Qatar to Germany's northern LNG terminal of Brunsbuettel, QatarEnergy's CEO Saad al-Kaabi said.
A ConocoPhillips wholly-owned subsidiary will purchase the agreed quantities to be delivered ex-ship to the German receiving terminal, which is currently under development.
QatarEnergy had also signed a 27-year sales and purchase agreement with China's Sinopec.
In 2022, QatarEnergy inked five deals for North Field East (NFE), which includes six LNG trains that will ramp up Qatar's liquefaction capacity to 126 million tonnes per year by 2027 from 77 million.
Since Russia invaded Ukraine in February, competition for LNG has become intense.
Kaabi said negotiations were still taking place with other German companies for further supply.
Price Action: COP shares traded higher by 2.57% at $127.02 in the premarket on the last check Tuesday.