FILE PHOTO: A screen displays the logo for ConocoPhillips on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 6, 2022. REUTERS/Brendan McDermid.
The U.S. oil and gas producer is a partner in QatarEnergy’s main LNG project
Pooja Menon, Arathy Somasekhar | Reuters News
ConocoPhillips said on Thursday that any delay to its Qatar LNG project would likely be in months rather than a year or more and it does not expect any impact on free cash flow.
The U.S. oil and gas producer is a partner in QatarEnergy’s main LNG project, which includes offshore facilities in the North Field and onshore facilities at Ras Laffan.
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“We’re expecting any delays that may come on first gas or first cargo to be in the nature of months, you know, not a full year,” a ConocoPhillips executive said on a post-earnings call.
Planned maintenance at Ras Laffan was completed during the second quarter and a ramp-up in production is expected in the third quarter, the executive added.
The U.S.-Iran war has forced QatarEnergy, one of the world’s biggest LNG exporters, to shut liquefaction trains, declare force majeure on deliveries and suspend exports.
Qatar accounts for about a fifth of global LNG trade, and a prolonged outage would tighten supplies and raise prices for key buyers. (Reporting by Pooja Menon in Bengaluru and Arathy Somasekhar in Houston; Editing by Shinjini Ganguli and Joyjeet Das)
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