Committed North Slope Natural Gas Volumes Sufficient for Phase One Final Investment Decision, Exceed Alaska's Energy Needs

Today Glenfarne Alaska LNG LLC, a subsidiary of Glenfarne Group, and ConocoPhillips (NYSE:COP) Alaska announced the companies have signed a gas sales precedent agreement to supply natural gas produced on Alaska's North Slope for Phase One of the Alaska LNG project.

With this thirty-year agreement, Alaska LNG has now secured precedent agreements for sufficient volumes to support a Phase One final investment decision and supply enough natural gas to meet Alaska's energy needs.

Glenfarne is developing Alaska LNG in two financially independent phases to accelerate project execution. Phase One consists of the 739-mile, 42-inch pipeline to transport natural gas to Alaska consumers to strengthen long-term energy security and address looming supply shortfalls resulting from declining Cook Inlet production. Phase Two will add the LNG export facilities in Nikiski.

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