The agreement will come into effect in October this year. The US company said the move would allow it to diversify its market access position in the Atlantic Basin.
Zeebrugge LNG terminal access essentially gives ConocoPhillips an insurance policy against high price differentials between Europe and the US.
ConocoPhillips will have regasification capacity soon on the US Gulf Coast at the new Freeport LNG terminals in Freeport, Texas, and at the Golden Pass LNG terminal in Louisiana.
Under a separate agreement, ConocoPhillips said it would also provide Suez with more US market access through the Freeport terminal starting in mid-2010. Suez also owns the Everett LNG terminal in Massachusetts.
ConocoPhillips has provided reliable gas supply to Northwest Europe for many years and is pleased to enter into this agreement with Suez to improve opportunities to continue supplying this important gas market, said Todd Fredin, President of ConocoPhillips Commercial, Europe, Africa and Middle East region.