Qatar Petroleum and ConocoPhillips Agree to Develop LNG Project

Thursday, July 17, 2003
Qatar Petroleum and ConocoPhillips has signed a Heads of Agreement for the development of Qatargas 3, a large-scale liquefied natural gas (LNG) project located in Qatar servicing the U.S. natural gas market. The signing ceremony took place at the Qatari Embassy in Washington, D.C., and was attended by Qatar's Minister of Energy and Industry and Chairman of Qatar Petroleum H.E. Abdullah Bin Hamad Al Attiyah, U.S. Secretary of Energy Spencer Abraham, and ConocoPhillips President and Chief Executive Officer Jim Mulva. The agreement provides the framework for the necessary project agreements and the completion of key feasibility studies. "We welcome this prospect of a long-term partnership with ConocoPhillips," said H.E. Al Attiyah. "World-scale projects such as these are crucial to the continued long-term economic development of Qatar." H.E. Al Attiyah added, "Our strategy is to diversify our market portfolio and the U.S. market being, not only the largest gas market in the world but also the most liquid market, is an important step in that direction." Mr. Mulva said, "Qatar's abundant gas resources can provide a secure and much-needed long-term supply for the growing U.S. gas market before the end of the decade. In keeping with ConocoPhillips' strategy, this project will be a significant near-term addition to our portfolio, enabling our company to be a major player in helping to meet the growing worldwide demand for clean energy." Secretary Abraham said, "One of the clear messages from President Bush's National Energy Policy is that U.S. energy security depends on sufficient energy supplies to support U.S. and global economic growth. The world's natural gas resources, including liquefied natural gas (LNG), will contribute to the U.S. supply of the future and help ensure our energy security. "I offer my congratulations to both ConocoPhillips and to Qatar in reaching this agreement, and I wish both parties success with their project as it moves forward." Qatargas 3 is to be an integrated project, jointly owned by Qatar Petroleum and ConocoPhillips. It is to consist of the facilities to produce gas from Qatar's North Field, yielding about 7.5 million tons of LNG per year, in a new, first-of-class LNG train to be constructed at Ras Laffan Industrial City. The LNG will be shipped from Qatar in a fleet of state-of-the art LNG carriers. ConocoPhillips will purchase the LNG and be responsible for regasification and marketing within the United States. Average daily sales volumes are expected to be approximately 1 billion cubic feet per day. Startup is presently anticipated to be in the 2008-2009 timeframe. Optimization of all aspects of the project will be achieved under the feasibility studies required by the Heads of Agreement.
Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Technology

US to Test 'Submarine' Drone That Can Launch from Ocean Floor

USA’s Defense Advanced Research Projects Agency (DARPA) is testing a drone that can hibernate on the ocean floor for years at a time before being launched to the

World's Largest Ship: Pioneering Spirit Awaits Completion

Final construction aboard the world’s largest vessel, Pioneering Spirit (formerly named Pieter Schelte), is wrapping up in the Port of Rotterdam before the vessel

Port St. John to Install KleinPort System

Klein Systems Group Ltd. announced today that it has entered into an agreement to install the KleinPort Port Management Information System at Port Saint John, New Brunswick.

LNG

Focus on Environment at Suny Maritime

The State University of New York Maritime College’s 140th Anniversary Speaker Series presented a panel discussion on March 26 in the College’s Maritime Academic Center.

GasLog Acquires 2 BG Carriers

GasLog Ltd. completed the acquisition of two LNG carriers from Methane Services Limited, a subsidiary of BG Group plc, which was previously announced on December 22, 2014.

U.S. DoI Upholds 2008 Shell Arctic Lease

The U.S. Interior Department on Tuesday upheld a 2008 lease sale in the Chukchi Sea off Alaska, moving Royal Dutch Shell a step closer to returning to oil and gas

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1678 sec (6 req/sec)