ConocoPhillips Signs 20-Year LNG Deal with Venture Global Starting 2030
The major Bakken operator will purchase one million metric tons per year of LNG, linking future natural gas production to global markets.
ConocoPhillips, a major operator in North Dakota's Bakken formation, has entered a long-term agreement to purchase liquefied natural gas from Venture Global, according to a report from Rigzone. The deal, announced October 2, 2026, commits ConocoPhillips to buying one million metric tons of LNG annually for 20 years starting in 2030.
The agreement signals a strategic move by a leading Bakken producer to secure a stable outlet for future natural gas production. While the deal is for LNG purchases, it provides ConocoPhillips with a guaranteed market for gas that can be liquefied and exported, potentially including gas from its U.S. operations.
For the Bakken region, this development underscores the growing importance of natural gas as a co-product of oil drilling. The formation has historically been an oil-prone play, but associated gas production has risen steadily. Long-term offtake agreements like this one can support the economic justification for continued investment in gas capture and pipeline infrastructure in the basin.
Such contracts are critical for operators facing both regulatory pressure and economic incentives to reduce flaring. By locking in a future buyer for LNG, ConocoPhillips adds a layer of market certainty for its natural gas portfolio, which includes assets in the Bakken. This could influence development plans and midstream partnerships in North Dakota as 2030 approaches.
The deal aligns with a broader industry trend of U.S. producers and majors securing positions in the global LNG trade. For Bakken operators and royalty owners, the growth of LNG export capacity creates a potential premium market for natural gas that could improve well economics and support field development for decades.
Source
Rigzone
