Woodside Petroleum, Australia’s biggest independent oil and natural gas company, has decided to not invest in Sempra Energy’s Port Arthur LNG export project in Texas three years after joining the project.

Woodside CEO Peter Coleman said last month the project’s ability to provide it with an adequate return is “very challenged.” The export facility, with direct access to the Gulf of Mexico, has been slated to start in 2023. 

“Woodside has been evaluating whether to invest equity in the project, but has recently decided not to pursue that investment further as it wishes to focus on integrated E&P, rather than U.S. Gulf Coast LNG infrastructure investments like Port Arthur LNG,” California-based Sempra said in a statement.

The $8-9bn project includes two liquefaction trains capable of producing about 11 million tonnes per annum of LNG, up to three storage tanks and facilities to load LNG onto ships.

Sempra will continue the development of the liquefaction project, the U.S. energy company said adding, it is “in discussions with many other LNG buyers from Europe and Asia about the project, including LNG purchase and a potential equity investment.”

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25th July 2018

25th July 2018