ConocoPhillips Submits Application for New Offshore LNG Terminal
Houston, TX, January 19, 2005 --(PR.com)-- ConocoPhillips [NYSE:COP] today announced that it has submitted an application to the United States Coast Guard for the construction of a new offshore liquefied natural gas (LNG) regasification facility offshore in the Gulf of Mexico. The proposed Beacon Port Clean Energy Terminal is planned to be located in federal waters, 56 miles south of the Louisiana mainland.
This state-of-the-art facility will offload LNG from carriers, store and regasify the LNG, then make the natural gas available through a system of pipelines for delivery to consumers in Louisiana and beyond. This facility will have a throughput capacity of 1.5 billion cubic feet of gas per day and will serve as an essential new source of clean energy for the United States and the Gulf Coast region.
Beacon Port is planned to consist of two concrete gravity-based LNG storage tanks, regasification equipment, docking platforms and other unloading and operational equipment. There also will be a separate platform adjacent to the tanks to house terminal's crew and other related equipment and non-operational facilities. Beacon Port will send gas to the mainland through 46 miles of new pipeline and a riser platform that will connect to existing pipelines approximately 29 miles south-southeast of Johnson's Bayou, La. Existing pipelines will bring the gas to shore.
Construction could begin in late 2006 and will take approximately four years. It is anticipated that the first shipment of LNG to the facility could be delivered in 2010.
This terminal is part of a larger effort by ConocoPhillips to meet growing demand for natural gas around the world. The company is developing or has proposed other U.S. regasification facilities in Freeport, Texas, and offshore Alabama. ConocoPhillips has an active liquefaction facility in Kenai, Alaska, as well as others at various stages of development around the world, including Australia, Nigeria, Qatar, Russia and Venezuela.
ConocoPhillips is an integrated petroleum company with interests around the world. For more information, go to www.conocophillips.com.
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CONTACT:
Linsi Crain:
wh.conocophillips.com/utilities/contactus.asp?cid=contacts5
Clayton Reasor:
wh.conocophillips.com/utilities/contactus.asp?cid=contacts3
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that contain projections about our revenues, income, earnings and other financial items, our plans and objectives for the future, future economic performance, or other projections or estimates about our assumptions relating to these types of statements. These statements usually relate to future events and anticipated revenues, earnings, business strategies, competitive position or other aspects of our operations or operating results. In many cases you can identify forward-looking statements by terminology such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words. However, the absence of these words does not mean that the statements are not forward-looking. The forward-looking statements are based on management's expectations, estimates and projections about ConocoPhillips and the petroleum industry in general on the date this statement was released. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Economic, business, competitive and regulatory factors that may affect ConocoPhillips' business are generally as set forth in ConocoPhillips' filings with the Securities and Exchange Commission (SEC). ConocoPhillips is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
This state-of-the-art facility will offload LNG from carriers, store and regasify the LNG, then make the natural gas available through a system of pipelines for delivery to consumers in Louisiana and beyond. This facility will have a throughput capacity of 1.5 billion cubic feet of gas per day and will serve as an essential new source of clean energy for the United States and the Gulf Coast region.
Beacon Port is planned to consist of two concrete gravity-based LNG storage tanks, regasification equipment, docking platforms and other unloading and operational equipment. There also will be a separate platform adjacent to the tanks to house terminal's crew and other related equipment and non-operational facilities. Beacon Port will send gas to the mainland through 46 miles of new pipeline and a riser platform that will connect to existing pipelines approximately 29 miles south-southeast of Johnson's Bayou, La. Existing pipelines will bring the gas to shore.
Construction could begin in late 2006 and will take approximately four years. It is anticipated that the first shipment of LNG to the facility could be delivered in 2010.
This terminal is part of a larger effort by ConocoPhillips to meet growing demand for natural gas around the world. The company is developing or has proposed other U.S. regasification facilities in Freeport, Texas, and offshore Alabama. ConocoPhillips has an active liquefaction facility in Kenai, Alaska, as well as others at various stages of development around the world, including Australia, Nigeria, Qatar, Russia and Venezuela.
ConocoPhillips is an integrated petroleum company with interests around the world. For more information, go to www.conocophillips.com.
- # # # -
CONTACT:
Linsi Crain:
wh.conocophillips.com/utilities/contactus.asp?cid=contacts5
Clayton Reasor:
wh.conocophillips.com/utilities/contactus.asp?cid=contacts3
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that contain projections about our revenues, income, earnings and other financial items, our plans and objectives for the future, future economic performance, or other projections or estimates about our assumptions relating to these types of statements. These statements usually relate to future events and anticipated revenues, earnings, business strategies, competitive position or other aspects of our operations or operating results. In many cases you can identify forward-looking statements by terminology such as "anticipate," "estimate," "believe," "continue," "could," "intend," "may," "plan," "potential," "predict," "should," "will," "expect," "objective," "projection," "forecast," "goal," "guidance," "outlook," "effort," "target" and other similar words. However, the absence of these words does not mean that the statements are not forward-looking. The forward-looking statements are based on management's expectations, estimates and projections about ConocoPhillips and the petroleum industry in general on the date this statement was released. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Economic, business, competitive and regulatory factors that may affect ConocoPhillips' business are generally as set forth in ConocoPhillips' filings with the Securities and Exchange Commission (SEC). ConocoPhillips is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.