Shale gas exporter expanding with $1.2B investment from Australia

By Luke Geiver | September 09, 2019

Houston-based liquefied natural gas processor and exporter Freeport LNG has gained more than $1 billion from an Australian-based investment firm. Westbourne Capital has announced its intentions to provide roughly $1.02 billion to Freeport LNG to help the company build its fourth major LNG infrastructure asset in Texas.

Freeport LNG first built LNG liquefaction units at Quintana Island near Texas in 2014. Since then the company has been working to finish the first three units and send LNG to customers around the globe. This month, Freeport announced the first commissioned LNG cargo shipment from Quintana Island.

Westbourne Capital has previously supported Freeport with investment backing.

According to Freeport, after all three of its LNG liquefaction centers are running, the company’s daily LNG output will be enough to power and light a metropolitan area the size of San Antonio for an entire day.

Freeport’s customer base to date includes Tokyo Electric, BP Energy, Toshiba and SK E&S. The contracts formed are 20-year use-or-pay agreements for a total of roughly 13.4 mtpa of LNG.