Delfin's nonbinding deal with Devon follows a binding one in July with energy trading...
from investors for their potential to come online more quickly, while onshore LNG projects typically take years to develop.
Delfin's nonbinding deal with Devon follows a binding one in July with energy trading company Vitol, which signed a 15-year deal to buy .5 million metric tons per year of LNG from the planned modular floating port. Delfin also announced a nonbinding agreement with British energy company Centrica last month for 1 million metric tons per year.
“Our decision to invest in Delfin was the result of a thorough process intended to create additional pricing diversification for our natural gas portfolio and deliver a sustainable and capital efficient return for our shareholders,” said Rick Muncrief, Devon’s president and chief executive. Delfin said it is “on schedule” to make a final investment decision, which is a precursor to construction, by the end of this year.
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