Sempra Energy (SRE 1.93%) announced today that the Federal Energy Regulatory Commission (FERC) has given the green light for Sempra's new Cameron Liquefied Natural Gas (LNG) Export Project.
Scheduled for construction at Sempra Energy's current LNG receipt terminal in Hackberry, Louisiana, this latest approval represents one of the final major regulatory approvals, according to the release.
Source: Sempra Energy
"We are pleased to have reached this important milestone successfully and to be one step closer to starting construction later this year," said Octavio Simoes, President of Sempra LNG, in today's press release. Sempra Energy Chairman and CEO Debra Reed added that "[t]oday's approval is another important step in delivering natural gas to America's trading partners abroad."
The approximately $9.5 billion project will be capable of exporting around 1.7 billion cubic feet of natural gas per day, putting annual LNG exports at 12 million tonnes. To help make that export potential a reality, FERC has also cleared Sempra to construct a 21-mile pipeline that will further connect the facility to important interstate pipelines.
Notwithstanding some additional approvals and final investment decisions by the project's minority owners GDF Suez, Mitsubishi Corporation/Nippon Yusen Kabushiki Kaisha, and Mitsui, Spectra should break ground on the new project later this year.
