Latham Advises ConocoPhillips on Strategic Partnership With Sempra for Port Arthur LNG Project
Sempra announced that its subsidiary, Sempra Infrastructure, and ConocoPhillips have executed a 20-year Sale and Purchase Agreement for five million tonnes per annum (Mtpa) of liquefied natural gas (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 ownership interests 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 under active marketing and development.
Latham & Watkins LLP represents ConocoPhillips in the transaction with a deal team led by Houston partners Ravi Purohit, Chris Peponis, and Justin Stolte, with Houston associates Greg Sorensen, Jack Moxon, Shawn Beloin, Chantal Carriere, John Daywalt, Carlyle Reid, Morgen Seim, and Joseph Kmetz.