CONOCOPHILLIPS AGREE WITH SEMPRA TO ACQUIRES 30% EQUITY IN PHASE 1 OF PORT ARTHUR LNG
Sempra announced that its subsidiary, Sempra Infrastructure, and ConocoPhillips have executed a 20-year Sale and Purchase Agreement (SPA) for 5 million tonnes per annum (Mtpa) of LNG from Phase 1 of the proposed Port Arthur LNG project under development in Jefferson County, Texas.
The parties have also entered into an equity sale and purchase agreement whereby ConocoPhillips will acquire 30% of the equity in Phase 1 of Port Arthur LNG, and a natural gas supply management agreement whereby ConocoPhillips will manage the feedgas supply requirements for Phase 1 of the proposed liquefaction facility.
The Port Arthur LNG Phase 1 project is permitted and expected to include two natural gas liquefaction trains and LNG storage tanks, and associated facilities capable of producing, under optimal conditions, up to approximately 13.5 Mtpa of LNG. A similarly sized Port Arthur LNG Phase 2 project is also competitively positioned and under active marketing and development.
Development of Phase 1 and Phase 2 of the Port Arthur LNG project is contingent on completing the required commercial agreements, securing all necessary permits, obtaining financing and reaching an affirmative final investment decision, among other factors.
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