Qatar LNG project

Qatar Petroleum and ConocoPhillips have signed an agreement for the development of Qatargas 3, a large-scale liquefied natural gas (LNG) project located in Qatar servicing the US natural gas market. The agreement provides the framework for the necessary project agreements and the completion of key feasibility studies. Qatargas 3 is to be an integrated project, jointly owned by Qatar Petroleum and ConocoPhillips. It is to consist of the facilities to produce gas from Qatar’s North Field, yielding about 7.5 million tons of LNG per year, in a new LNG train to be constructed at Ras Laffan Industrial City. The LNG will be shipped from Qatar in LNG carriers. ConocoPhillips will purchase the LNG and be responsible for regasification and marketing within the United States. Average daily sales volumes are expected to be approximately 1 billion cubic feet per day. Start-up is anticipated
to be in the 2008–2009 timeframe.

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