ConocoPhillips signs 20 year supply deal with Venture Global

ConocoPhillips has signed a long term sales and purchase agreement with Venture Global for liquefied natural gas supply starting in 2030. Offshore Energy, IndexBox, Machine Maker, and energynews.pro all reported that the deal will run for 20 years. Under the terms of the deal, ConocoPhillips will purchase 1.0 million tonnes per annum of liquefied natural gas from the American producer. [1][3][4][5]

Offshore Energy reported that Venture Global produces liquefied natural gas sourced from North American basins, reinforcing the export footprint of the United States. ConocoPhillips is a United States headquartered energy company seeking to lock in multi-year energy supplies. [1]

The Continental Oil and Transportation Company, which was the predecessor to Conoco, was originally founded in Ogden, Utah, in November 1875 by Isaac Elder Blake. The company initially focused on importing, transporting, and marketing kerosene and other petroleum products using rail and horse-drawn wagons. [8]

Standard Oil Trust acquired Continental Oil in 1885 to serve as a regional marketing subsidiary. Following the 1911 United States Supreme Court decision that dissolved the trust, the firm restored its independence as the Continental Oil Company and expanded into retail gasoline sales. [8]