ConocoPhillips signs SPA to lift 1MTPA of LNG from Rio Grande project

ConocoPhillips (COP) announced it has signed a long-term sales and purchase agreement to lift 1M tons per annum of liquefied natural gas from the Rio Grande LNG project under development by NextDecade (NEXT), near Brownsville, Texas. Under the agreement, ConocoPhillips will offtake LNG over a 20-year term on a free-on-board basis, subject to NextDecade making a positive final investment decision on Train 5. “ConocoPhillips is pleased to announce our agreement with a premier operator in NextDecade at Rio Grande LNG, where we will be a key foundation customer for Train 5,” said Khoa Dao, chief commercial officer for ConocoPhillips. “We’re excited to help move this project closer to FID while advancing our global LNG portfolio strategy and 10 to 15 MTPA offtake ambition. We continue to build scale and diversification, adding supply and sales points offering further optionality for optimization.”