Delfin Midstream Inc. has finalized a binding LNG sale agreement with Vitol Inc. Vitol, meantime, finalized an investment in the company.
Under the agreement—valued by Delfin at $3 billion in revenue over 15 years—Delfin will supply to Vitol 500,000 tonnes/year (tpy) of LNG on a free on-board (FOB) basis at the Delfin Deepwater Port off the coast of Louisiana for a 15-year period. The agreement is indexed to Henry Hub.
In addition to the agreement, Delfin has signed other HoAs and term sheets that are being finalized into fully termed agreements. As a modular project requiring only 2-2.5 million tpy of long-term contracts to begin construction, Delfin is expected to make final investment decision on the first FLNG vessel by yearend, the company said.
Delfin has completed permitting work with a positive record of decision from the Maritime Administration with a 13 million tpy non-FTA DoE export license, said Wouter Pastoor, chief operating officer, in a statement July 13.
The company also has completed front-end engineering and design with Samsung Heavy Industries and Black & Veatch, putting the company on pace to execute the project this year with operations to begin in 2026, he continued.
