ConocoPhillips has a 60-year history of leadership in LNG and LNG technology. While LNG is still considered part of our traditional oil and gas business, its prominence is increasing in global energy markets. We view LNG as an important component of responsibly meeting energy demand in the coming decades.
The use of natural gas in place of coal and refined products represents a specific opportunity for significant reductions in end-use GHG emissions across the globe and it is a key contribution to meeting projected energy demand growth. We expect LNG to play an increasingly important role in the global energy mix, as it has lower GHG emissions than traditional hydrocarbon resources like coal used for electricity generation.1
We have producing equity LNG facilities located in Australia, Qatar and Equatorial Guinea. We also have a 30% direct equity holding in the Port Arthur LNG (PALNG) facility, which is scheduled to start up in 2027. As part of our LNG strategy to build a dynamic LNG portfolio and expand our footprint across the LNG value chain, we have LNG offtake due to start up in the U.S. Gulf Coast and the west coast of Mexico with approximately 7.4 MTPA, and currently have a total regasification capacity of 5.2 MTPA at terminals in Belgium, Germany and the Netherlands. We continue to progress discussions across all major LNG producing and consuming regions and markets to further add high-quality positions to our portfolio. We aspire to build a 10-15 MTPA commercial LNG portfolio which includes both an increase in supply offtake and regasification sales.
We are the second-largest LNG liquefaction technology provider globally. Our Optimized Cascade® LNG liquefaction technology has been licensed for use in 28 LNG trains around the world, with FEED studies ongoing for additional trains.
In 2024, we supplied Asian markets with approximately 0.34 trillion cubic feet (or nearly 1 billion cubic feet per day) of natural gas and LNG. To put this in perspective, if all the natural gas and LNG we sold to Asia in 2024 had been used to replace coal for electricity generation, GHG emissions would have been reduced by approximately 20 million tonnes, 25% more than the company’s combined Scope 1 and Scope 2 emissions for the year, based on EPA GHG emissions factors.2
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2. Calculation based on gas production, heating values and average emission factors for natural gas and coal associated with combustion of end product for power generation.