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Sempra Finalizes 20-Year Contract with BP for Indonesian LNG

Sempra Energy announced yesterday it has finalized a 20-year LNG supply contract with BP PLC for supplies from the Tangguh liquefaction project in Indonesia. According to a report by Dow Jones Newswires (carried via CNNMoney.com), LNG cargos will begin a
May 22, 2008

Sempra Energy announced yesterday it has finalized a 20-year LNG supply contract with BP PLC for supplies from the Tangguh liquefaction project in Indonesia. According to a report by Dow Jones Newswires (carried via CNNMoney.com), LNG cargos will begin arriving at Sempra’s Energia Costa Azul LNG regasification terminal in the second quarter of 2009.

Separately, Sempra CEO Darcel Hulse told Platts LNG Daily [subscription required] that his company would pay a discount to the SoCal border natural gas price for supplies imported from Tangguh LNG. Hulse also noted that Sempra would receive compensation for lost profits for any cargos diverted to higher-priced markets.

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