ConocoPhillips in Initial Stages of Marketing the Kenai LNG Plant
November 17, 2016
Anchorage, Alaska - ConocoPhillips is in the initial stages of marketing our Kenai LNG Plant. For 47 years, the Kenai LNG Plant was the only LNG export facility in North America.
As one of the longest, continuously operating LNG plants in the world, the Kenai LNG Plant has a proud history. It has served as an LNG industry role model for safe, efficient and reliable operation.
The Kenai LNG Plant has played a key role in our company’s history as well as the history of the Kenai Peninsula. We’re proud of that history, and we are appreciative of the state’s and the Peninsula community’s roles in the Plant’s success through the years.
Our efforts to market the Plant are consistent with our company’s efforts to regularly review our assets to ensure we are optimizing our portfolio. Our current focus is on our North Slope Operations. We believe the Plant is a strategic asset that that offers good opportunities for the right buyer.
In 2015 the Plant operated for six months, liquefying 20 Bcf of gas delivering six cargoes. Due to market conditions, ConocoPhillips did not conduct an export program in 2016. The Kenai LNG Plant remains operational and ready to resume exports.
ConocoPhillips has been operating in Alaska for nearly 50 years. In 2016, ConocoPhillips Alaska had a capital budget of nearly $1 billion. We’ve accepted delivery of two new drilling rigs this year, and are continuing to progress GMT1, GMT2 and 1H NEWS.