As the coronavirus pandemic cuts global demand for energy, Sempra Energy has delayed a decision to go ahead with a large LNG export project in Texas until 2021.
The global demand for energy has collapsed due to the coronavirus outbreak. Energy firms around the world have pushed back decisions on LNG terminals and other infrastructure projects. Due to heavier consumption from mostly Asian countries, investment demand in LNG has been running high for several years.
In Q1, $2.53 per share earned by Sempra. In Q3, a FID on the proposed Port Arthur LNG export plant in Texas targeted by the company. For about 2.5 MTPA or 0.33 bcfd of natural gas, Sempra said Costa Azul LNG signed 20-year agreements with units of Total SA and Mitsui & Co.
To buy 5 MTPA of LNG and invest 25 percent equity, Port Arthur LNG is in talks with units of Saudi Aramco, Sempra said. To buy 2 MTPA, it also in talks with Polish Oil & Gas Co (PGNiG). The project in its initial phase is designed to export about 11 MTPA of LNG.
