ConocoPhillips announces first LNG shipment from Qatargas 3 projectHOUSTON, Dec. 1, 2010 --- ConocoPhillips [NYSE:COP] announced today that the first cargo of liquefied natural gas (LNG) from the Qatargas 3 (QG3) joint venture was shipped on Nov. 25, 2010. The cargo departed from Ras Laffan Industrial City, Qatar, bound for the Canaport LNG Terminal in Saint John, New Brunswick, Canada. "ConocoPhillips is proud of our participation in the QG3 project," said Jim Mulva, chairman and chief executive officer. "It increases our company's global LNG output, while contributing to Qatar's achievement of reaching total LNG production capacity of 77 million tonnes per annum. During the five years of development work that this massive project required, we have enjoyed the opportunity to establish close, collaborative relationships with Qatargas, Qatar Petroleum and the people of Qatar, and now look forward to seeing QG3 provide clean-burning natural gas to markets throughout the world."
The QG3 venture was formed in 2005 and is jointly owned by ConocoPhillips (30%), Qatar Petroleum (68.5%), and Mitsui (1.5%). The scope of the venture includes a fully integrated LNG project, inclusive of reservoir development, offshore wellhead production platforms and pipelines, an onshore liquefaction plant with associated common storage and loading facilities, as well as chartering of LNG ships to support approximately 7.8 million tonnes of annual LNG deliveries.
ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 29,800 employees, $155 billion of assets, and $184 billion of annualized revenues as of Sept. 30, 2010. For more information, go to www.conocophillips.com.
Posted: December 2, 2010
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