Sempra LNG, a subsidiary of Sempra Energy (NYSE: SRE), Monday announced that the Cameron LNG export facility in Hackberry, Louisiana, has begun full commercial operations under Cameron LNG's tolling agreements.
"At Sempra LNG, we set a goal of building the leading LNG export business in North America. With Cameron LNG moving to full commercial operations, we are one step closer to that goal. We look forward to continuing to work with customers and partners around the world to achieve their energy transition goals," said Justin Bird, chief executive officer of Sempra LNG.
Cameron LNG achieved commercial operations of Train 1 and Train 2 in August 2019 and February 2020, respectively. To date, the facility has shipped nearly 100 cargoes totaling more than 6 million tonnes of liquefied natural gas (LNG). The construction activities for the facility concluded with a safety record of more than 89 million hours without a lost-time incident.
Commercial operations of Train 3 mark the beginning of full run-rate earnings under Cameron LNG's tolling agreements. The facility is expected to generate nearly $12 billion of after-debt service cash flows for Sempra Energy during the 20-year contract period.
Cameron LNG is jointly owned by affiliates of Sempra LNG, TOTAL SE, Mitsui & Co., Ltd., and Japan LNG Investment, LLC, a company jointly owned by Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha. Sempra Energy indirectly owns 50.2% of Cameron LNG.
Sempra LNG and its partners are developing Cameron LNG Phase 2, previously authorized by the Federal Energy Regulatory Commission. Project owners have signed memorandums of understanding for 100% of Phase 2's offtake capacity with no change in equity ownership.
The successful development and ultimate construction of Cameron LNG Phase 2 and Sempra Energy's other LNG export projects currently under development are subject to a number of risks and uncertainties and there can be no assurance that any of these projects will be completed.