en.Wedoany.com Reported - ConocoPhillips and Glenfarne Group have signed a gas supply agreement, advancing the Alaska LNG project toward the final investment decision phase.

Glenfarne Alaska LNG, a subsidiary of Glenfarne Group, has entered into a precedent gas sales agreement with ConocoPhillips Alaska to supply natural gas from the Alaska North Slope for the Alaska LNG project. This 30-year contract sets forth the commercial terms for ConocoPhillips to supply natural gas for the first phase of the project's development. According to Glenfarne, the Alaska LNG project has now secured sufficient precedent agreements for gas volumes to support a final investment decision for Phase 1.

The Alaska LNG project is being advanced in two financially independent phases. Phase 1 will involve the construction of a 42-inch outer diameter, approximately 739-mile pipeline to deliver natural gas to local Alaskan users; Phase 2 will add LNG export facilities at Nikiski. To date, the project has signed relevant agreements with North Slope producers ConocoPhillips, ExxonMobil, Hilcorp Alaska, and Great Bear Pantheon LLC, a wholly owned subsidiary of Pantheon Resources.

Overall, the Alaska LNG project will include a 42-inch outer diameter, approximately 807-mile total pipeline to transport natural gas from the North Slope to meet Alaskan in-state demand, while also exporting 20 million tonnes of LNG per year. The project's equity structure is: Glenfarne Group holds a 75% stake, with the State of Alaska holding the remaining 25% stake through the Alaska Gas Pipeline Development Corporation.

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