ConocoPhillips & Essent Energie to Conduct LNG Study

ConocoPhillips and Essent Energie B.V. have signed a Memorandum of Understanding to study the feasibility of developing a liquefied natural gas (LNG) import terminal in the Netherlands.

The companies have identified a potential project site at the Port of Eemshaven and have executed a land option agreement for the 100-acre site with owner Groningen Seaports. The parties expect to complete the initial study toward the end of this year and then make a decision on proceeding into a next phase of more detailed engineering. A final investment decision could be made as early as 2007 subject to the economic outlook and the receipt of the necessary permits. If the outcome of these procedures is positive, the operation of the terminal could start in 2010.