Reuters are reporting that ConocoPhillips has announced that that production and exports of LNG from an investment project in Qatar have not been affected by growing Middle East diplomatic tensions.
Houston-based ConocoPhillips owns a 30% stake in an LNG project operated by Qatargas Operating Co Ltd, part of the state-controlled energy company. Mitsui & Co Ltd owns a remaining 1.5% stake in the project, which processes about 1.4 billion ft3 of gas per day.
The investment was worth US$869 million to ConocoPhillips at the end of 2016.
The US company loaned US$1.2 billion to develop the Qatari LNG project in 2005, with roughly US$696 million still to be paid back.
ConocoPhillips also controls the Golden Pass LNG facility in the US along with Exxon Mobil Corp and Qatar Petroleum.
None of the LNG produced in Qatar, though, is sold in the US.
Shares of ConocoPhillips were down slightly to US$80.86.
Read the article online at: https://www.lngindustry.com/liquefaction/09062017/conocophillips-says-qatar-lng-project-not-affected-by-tension/