ConocoPhillips Finalizes Agreement with Freeport LNG

Tuesday, July 06, 2004
ConocoPhillips announced the finalization of its transaction with Freeport LNG Development, L.P. to participate in a proposed liquefied natural gas (LNG) receiving terminal in Quintana, Brazoria County, Texas.

ConocoPhillips has acquired 1 billion cubic feet (BCF) per day of regasification capacity in the terminal, has obtained a 50 percent interest in the general partner managing the venture and will provide substantial construction funding to the venture.

The terminal is designed with storage capacity of nearly 7 BCF and send-out capacity of 1.5 BCF per day. Natural gas will be transported through a 9.4-mile pipeline to Stratton Ridge, Texas, which is a major point of interconnection with the Texas intrastate gas pipeline system.

Approval for the facility was received from the Federal Energy Regulatory Commission on June 18. Receipt of all other necessary federal, state and local approvals is expected in the third quarter of this year. The current management of Freeport LNG will remain in place and will oversee the commercial activities of the partnership. ConocoPhillips will provide the leadership for the management of construction and operation of the facility. Construction is scheduled to begin in the fourth quarter, with commercial startup planned for the second half of 2007.

“This project is a critical link for the development of one or more of several LNG projects under consideration by ConocoPhillips that will deliver clean natural gas to the United States’ growing market,” said Sig Cornelius, ConocoPhillips president, Global Gas. “It is a strong addition to the company’s growing LNG portfolio."

Freeport LNG Development, L.P. is a Delaware limited partnership. The general partner is owned 50 percent by Michael S. Smith and 50 percent by ConocoPhillips. For more information, go to

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

BWM Convention Will Not Resolve Difficulties In U.S. - ICS

ICS notes that the IMO Secretary General has announced that the Ballast Water Management Convention will enter into force worldwide from 24 November 2016, following

Wärtsilä Design for Offshore Vessel Conversion

Dutch ship owner C-Bed has contracted Wärtsilä Ship Design to supply the design for rebuilding its Seismic Survey Vessel, the 'Viking II', for use as a hotel vessel.

Terex Cranes for ICTSI

Terex Port Solutions (TPS) has received an order from a subsidiary of International Container Terminal Services, Inc. (ICTSI) in Iraq for two Terex shiptoshore


Swan Energy to Invest $845 mln for FSRU Terminal

Swan Energy Limited will invest around Rs. 5,600 crore ($845 mln) towards setting up of Jafrabad LNG Port project in Gujarat with one jetty-moored Floating, Storage and Regasification Unit (FSRU).

Alaska buys TransCanada AK LNG stake

The State of Alaska has finalised a deal with TransCanada to buy out the pipeline company's share in the proposed Alaska liquefied natural gas export project for nearly US$65 million.

Frontline Reports Strongest 3Q

* Frontline achieved net income attributable to the Company of $17.4 million, or $0.09 per share, for the third quarter of 2015 and net income attributable to the Company of $65.

Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Pipelines Port Authority Salvage Ship Electronics Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0928 sec (11 req/sec)