What did ConocoPhillips agree to buy from Venture Global?

One million metric tons a year of liquefied natural gas for 20 years, with deliveries starting in 2030, according to Rigzone's report published on 2 October 2026.

Which terms have not been disclosed?

The reporting we reviewed did not state the pricing basis or which Venture Global facility will supply the cargoes. Treat any estimate of the contract's economics as unconfirmed until the parties publish terms.

Does this change the global LNG balance?

Not by itself. One million tonnes a year is small against global trade. Its significance is as a data point on who is willing to sign multi-decade offtake for post-2030 supply.

ConocoPhillips Takes 1 Mtpa of Venture Global LNG for 20

A major US upstream producer has contracted as a long-term LNG buyer. The volume is small, but it shows how portfolio players are using offtake to hold molecules for the 2030s.

ConocoPhillips has agreed to buy one million tonnes a year of LNG from Venture Global for 20 years from 2030, according to Rigzone. It is a modest volume but a notable signal: a major US producer is contracting as a buyer, not just a seller. Pricing, source facility and other commercial terms were not disclosed.

The Gulf Barrel Desk October 3, 2026 Updated October 3, 2026 · 3 min read

ConocoPhillips agreed to buy 1 million tonnes a year of LNG from Venture Global for 20 years starting in 2030, per Rigzone's report of 2 October 2026.
The reported coverage did not disclose the price basis or the source facility, so the deal's economics cannot be sized from public information.
The 20-year, 1 Mtpa, 2030-start shape matches other Venture Global agreements, including the Naturgy deal announced in November 2025, which suggests a standard offtake template.
A producer that is also a buyer is positioning across the gas value chain, not only selling wellhead gas.
This is analysis, not trading advice.

ConocoPhillips has agreed to buy one million metric tons a year of LNG from Venture Global for 20 years, with deliveries starting in 2030, Rigzone reported on 2 October 2026. The reporting did not disclose the price basis or the facility that will supply the cargoes. What is confirmed is the shape of the contract: volume, term and start date. Everything about its economics remains unconfirmed.

What the contract confirms, and what it does not

The confirmed terms are narrow: 1 million tonnes a year, 20 years, from 2030. Rigzone quoted Venture Global chief executive Mike Sabel describing the agreement as reflecting market confidence in reliable, low-cost US LNG delivered quickly and at scale. That is the seller's characterisation, not an independent measure. No pricing formula, no named export plant and no financing detail appeared in the coverage, so the margin and the build-out behind these tonnes cannot yet be sized.

A template Venture Global keeps reusing

The terms mirror other Venture Global agreements. In November 2025 the company announced a sale and purchase agreement with Spain's Naturgy for 1 million tonnes a year over 20 years beginning in 2030. Identical size, term and start year across buyers suggests a standardised offtake product rather than bespoke deals. For a developer, repeating one template speeds contracting and gives lenders a familiar revenue structure when projects move toward final investment decision.

Why a producer buying LNG matters

ConocoPhillips is better known as a gas seller, so contracting as a buyer points to portfolio management: securing liquefaction-backed supply that it can place with customers or optimise across markets in the 2030s. That reading is our inference; the company's stated purpose was not in the reporting we reviewed. The practical consequence is that long-term demand for US export capacity now includes upstream majors as well as utilities and Asian importers.

What to watch next

Three disclosures would turn this from a headline into a sized story: the pricing basis, such as a Henry Hub-linked formula plus a fixed liquefaction fee; the supplying facility and its construction status; and whether the volume is free-on-board or delivered. Until those appear, treat the deal as announced offtake, not as proof of new physical capacity. This is analysis, not trading advice.

What did ConocoPhillips agree to buy from Venture Global?: One million metric tons a year of liquefied natural gas for 20 years, with deliveries starting in 2030, according to Rigzone's report published on 2 October 2026.
Which terms have not been disclosed?: The reporting we reviewed did not state the pricing basis or which Venture Global facility will supply the cargoes. Treat any estimate of the contract's economics as unconfirmed until the parties publish terms.
Does this change the global LNG balance?: Not by itself. One million tonnes a year is small against global trade. Its significance is as a data point on who is willing to sign multi-decade offtake for post-2030 supply.

ConocoPhillips Joins Venture Global's Long-Term LNG Buyers — Rigzone
Venture Global Announces Long term Sales and Purchase Agreement With Naturgy of Spain — Venture Global via Business Wire