Glenfarne Alaska LNG LLC and ConocoPhillips (NYSE: COP) Alaska announced they have signed a 30-year gas sales precedent agreement to supply natural gas from Alaska's North Slope for Phase One of the Alaska LNG project.

The agreement provides sufficient volumes to support a Phase One final investment decision and supply enough natural gas to meet Alaska's energy needs, according to the companies' statement.

Glenfarne is developing Alaska LNG in two phases. Phase One consists of a 739-mile, 42-inch pipeline to transport natural gas to Alaska consumers. Phase Two will add LNG export facilities in Nikiski.

Alaska LNG now has agreements with all three major North Slope producers: ConocoPhillips, ExxonMobil (NYSE: XOM), and Hilcorp Alaska, as well as Great Bear Pantheon LLC, a subsidiary of Pantheon Resources plc (AIM: PANR).

"All major North Slope producers have now committed enough natural gas to support a Phase One final investment decision," said Adam Prestidge, President of Glenfarne Alaska LNG.

ConocoPhillips Alaska President Erec Isaacson stated that the company's participation in Alaska LNG supports reliable access to North Slope natural gas while complementing ongoing investment in Alaska.

The complete Alaska LNG project consists of an 807-mile pipeline to deliver natural gas from Alaska's North Slope to meet domestic needs and produce 20 million tonnes per annum of LNG for export. Glenfarne owns 75% of Alaska LNG and the State of Alaska, through the Alaska Gasline Development Corporation, owns 25%.