ConocoPhillips (COP) To Acquire Stake In Texas LNG Facility
ConocoPhillips (NYSE: COP ) signed an agreement with Sempra Energy (NYSE: SRE ) to acquire a 30% stake in the latter''s proposed liquefied natural gas (AMEX: LNG) facility in Port Arthur, TX. The agreement represents a major expansion of ConocoPhillips'' global LNG business through investment in a massive LNG facility currently being developed by Sempra Energy. The Western sanctions on Russia over its invasion of Ukraine have strained an already undersupplied market and put natural gas prices at record highs. Hence, oil and gas producers in the United States are rushing to back projects to boost the development and exports of LNG. As part of the deal, ConocoPhillips will acquire five million tons per annum (Mtpa) of LNG produced by the Port Arthur LNG project. The company might provide additional gas supply services to the Port Arthur LNG facility. The project''s first phase would have two LNG trains, storage tanks and facilities, with a production capacity of 13.5 Mtpa of LNG. Construction activities are expected to commence in mid-2025.
ConocoPhillips (COP) To Acquire Stake In Texas LNG Facility
ConocoPhillips (NYSE: COP ) signed an agreement with Sempra Energy (NYSE: SRE ) to acquire a 30% stake in the latter''s proposed liquefied natural gas (AMEX: LNG) facility in Port Arthur, TX. The agreement represents a major expansion of ConocoPhillips'' global LNG business through investment in a massive LNG facility currently being developed by Sempra Energy. The Western sanctions on Russia over its invasion of Ukraine have strained an already undersupplied market and put natural gas prices at record highs. Hence, oil and gas producers in the United States are rushing to back projects to boost the development and exports of LNG. As part of the deal, ConocoPhillips will acquire five million tons per annum (Mtpa) of LNG produced by the Port Arthur LNG project. The company might provide additional gas supply services to the Port Arthur LNG facility. The project''s first phase would have two LNG trains, storage tanks and facilities, with a production capacity of 13.5 Mtpa of LNG. Construction activities are expected to commence in mid-2025.