ConocoPhillips has signed a long-term sales and purchase agreement (SPA) to lift 1 million tonnes per annum (MTPA) of liquefied natural gas (LNG) from NextDecade Corporation's Rio Grande LNG project. This agreement is for a 20-year term, subject to NextDecade making a positive final investment decision (FID) on Train 5.
This agreement further advances ConocoPhillips' global LNG portfolio strategy and its ambition to secure 10 to 15 MTPA of offtake capacity. It adds to the company's scale and diversification, providing additional supply and sales points for optimization.
ConocoPhillips' OCP CryoSep® technology, which specializes in heavy hydrocarbon removal, will also be utilized at the Rio Grande LNG facility. This highlights the company's technological contributions to efficient LNG production and its expanding presence in the global LNG market.
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