ConocoPhillips Signs 20-Year LNG Supply Deal with Venture Global
The major Bakken operator's long-term LNG offtake agreement signals growing natural gas market integration.
ConocoPhillips has entered a 20-year agreement to purchase liquefied natural gas from Venture Global LNG, according to a report from Rigzone. The deal, finalized on October 2, 2026, will see ConocoPhillips buying one million metric tons per year of LNG starting in 2030.
For Bakken operators, this long-term LNG offtake agreement by a key player highlights the growing importance of global natural gas markets for the region's production. The Bakken formation is a major oil-producing region, but its operations also yield significant volumes of associated natural gas.
Such a deal provides ConocoPhillips, a major operator in the Williston Basin, with a secured outlet for future natural gas production. While the specific source of the LNG is not detailed in the report, long-term contracts like this underpin investment in gas gathering, processing, and transportation infrastructure that can benefit the broader Bakken region.
The move aligns with industry trends of securing stable demand for natural gas commodities. A guaranteed market for LNG helps mitigate price volatility risks for producers. This is particularly relevant for Bakken gas, which has historically faced takeaway constraints and localized pricing pressures.
The 2030 start date for the LNG supply indicates a forward-looking strategy by ConocoPhillips to lock in future demand. It reflects confidence in the long-term viability of natural gas as a transition fuel and the growing global LNG trade.
Source
Rigzone reported ConocoPhillips agreed to buy one million metric tons a year of LNG from Venture Global for 20 years from 2030.
