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 August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Technology

Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle.

MAN-Powered Cargo Vessel Meets Tier III

Classification society awards SCR system emissions certificate. MAN Diesel & Turbo has been awarded a Tier III - compatibility certificate by the DNV- GL classification

Transas Simulators Boosts Western Shipping Training Center

Transas Marine Pacific has successfully completed the upgrade of a simulator complex for Western Shipping Pte. Ltd. training center. The simulator class was

LNG

Finland Grants Support to Three Small LNG Terminals

The Finnish government granted 65.2 million euros (84.22 million US dollar) in subsidies to build three small liquefied natural gas (LNG) terminals to cut on use

Ingram to Build 20 Tank Barges in 2015

Ingram Barge Company announced that it will build 20 tank barges in 2015 to meet growing demand for chemical shipments. While most of the company’s recent tank

Senator Says 2015 Could Be Time for US Oil Export Bill

The top supporter in the U.S. Congress for reversing the 40-year ban on crude oil exports, Senator Lisa Murkowski from Alaska, said next year could be the time for a bill on lifting the restriction.

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators
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: 0.1842 sec (5 req/sec)