ConocoPhillips (NYSE:COP) stock rose Monday after the company signed a gas sales precedent agreement with Glenfarne Group to support the Alaska LNG project.

Alaska LNG Agreement Supports Energy Security

ConocoPhillips and Glenfarne Alaska LNG LLC, a subsidiary of Glenfarne Group, have signed a gas sales precedent agreement to supply natural gas from Alaska’s North Slope for Phase One of the Alaska LNG project.

The 30-year agreement gives Alaska LNG enough committed natural gas volumes to support a final investment decision for Phase One and meet the state’s projected energy needs.

Phase One includes a 739-mile pipeline aimed at strengthening Alaska’s long-term energy security as Cook Inlet production declines. Phase Two will add LNG export facilities in Nikiski.

With the agreement, Alaska LNG now has supply commitments from all major North Slope producers, including Exxon Mobil Corporation (NYSE:XOM) , Hilcorp Alaska, and Great Bear Pantheon LLC, a subsidiary of Pantheon Resources.

Glenfarne owns 75% of the project, while the State of Alaska owns the remaining 25% through the Alaska Gasline Development Corporation.

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