US LNG developer Venture Global and US energy company ConocoPhillips have announced a new long-term Sales and Purchase Agreement (SPA) for LNG. Under the agreement, ConocoPhillips will purchase 1 Mt/year of LNG from Venture Global over a 20-year period, starting in 2030 (Venture Global press release, 01/10/2026).
The agreement comes as ConocoPhillips seeks to strengthen and diversify its LNG portfolio, amid challenges related to the Iran conflict that have affected QatarEnergy’s LNG operations and expansion projects in which ConocoPhillips holds interests (Reuters, 01/10/2026).
- ConocoPhillips holds a 30% stake in QatarEnergy’s Ras Laffan LNG project. The country has been operating its Ras Laffan LNG export facility at reduced capacity since it was attacked and damaged in March 2026.
- ConocoPhillips also holds stakes in LNG expansion projects in Qatar, namely North Field East and North Field South, which are intended to raise Qatar’s LNG production capacity from 77 Mt/year to 126 Mt/year.
- A few days ago, Qatar extended the force majeure on LNG shipments to Asia and Europe by another month, as disruptions continue to hamper energy flows through the Strait of Hormuz (Bloomberg, 28/09/2026).
Venture Global currently has more than 100 Mt/year of US LNG capacity either in operation, under construction or under development. Its first three projects, Calcasieu Pass, Plaquemines LNG and CP2 LNG, are all located in Louisiana, United States.