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ConocoPhillips Signs LNG Sales and Purchase Agreements with Mexico Pacific, Boosting Asian Market Access

Mike Schuler
Total Views: 589
August 3, 2023

ConocoPhillips has signed sales and purchase agreements with Mexico Pacific for the offtake approximately 2.2 million tonnes per year of liquefied natural gas from Mexico Pacific’s Saguaro Energia LNG export facility in Puerto Libertad, Mexico.

The export facility, located on West Coast of Mexico, will give ConocoPhillips’ the ability to connect Permian Gas with the Asian market, without the risk or additional shipping costs of using the Panama Canal.

ConocoPhillips will purchase the LNG on a free on-board basis for 20 years and has an option to contract further expansion train volumes. When fully operational, the facility will have three trains with a combined capacity of 15 MTPA.

“We are delighted to welcome ConocoPhillips as yet another world-class partner for Trains 1, 2 and 3,” said Ivan Van der Walt, Chief Executive Officer of Mexico Pacific. “While our sales volumes exceed our Train 1 and 2 FID requirements, we are excited to move into oversubscribed territory with one of the strongest Permian Basin and LNG market participants in the market – a validation of our project’s fundamentals and position.”

“ConocoPhillips is excited to pursue this opportunity with Mexico Pacific as we continue to focus on LNG market development to meet growing global natural gas demand,” said Bill Bullock, Executive Vice President and Chief Financial Officer. “LNG is a fuel that is crucial to providing reliable, lower-carbon energy for the long term. Expanding our LNG footprint with agreements like this further enhances a balanced, diversified, and attractive portfolio as we progress our global LNG strategy.”

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