ConocoPhillips (COP) announced a potentially significant expansion of its global liquefied natural gas (LNG) business through investment in a new large-scale LNG facility under development by Sempra Infrastructure, a subsidiary of Sempra, in Jefferson County, Texas.
ConocoPhillips has entered into a Heads of Agreement (HOA) with Sempra to acquire a 30 percent direct equity holding in Port Arthur Liquefaction Holdings and an LNG offtake equivalent to approximately 5 million tonnes per annum (Mtpa) from the Port Arthur LNG project.
The first phase of the project is fully permitted and expected to include two liquefaction trains and LNG storage tanks, as well as associated facilities capable of producing, under optimal conditions, up to approximately 13.5 Mtpa of LNG. As one of the top five natural gas marketers in North America, ConocoPhillips will bring extensive commercial expertise and resources to benefit the project. Under the terms of the HOA, ConocoPhillips will s