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Sempra Energy a big player in the global liquefied natural gas export market said Wednesday during its first-quarter earnings call that the company will likely make a final investment decision on building a proposed LNG facility near Port Arthur, Texas, in 2022 instead of this year.
Sempra officials cited the continued impacts of the pandemic on worldwide energy markets and a focus on reducing the project’s greenhouse gas emissions for the potential delay but said they remain bullish on the economics of sending LNG overseas to countries eager to replace coal with natural gas.
“The consultants we work with think that by 2030 you could see the market climb to about 550 million tons per annum and today it’s around 365, so we’re pretty optimistic about where we’re at in terms of our development portfolio.,” said Sempra CEO Jeff Martin.