Woodside Petroleum Backs Out of Port Arthur LNG Project

Bloomberg reports that Woodside Petroleum Ltd. has announced that it will not participate in the development of Sempra Energy’s proposed Port Arthur LNG liquefaction facility and export terminal in Port Arthur, Texas. Woodside Chief Executive Officer Peter Coleman is quoted as saying, “[i]t got to a point where it got below our investment returns and we said we need to put our money somewhere else.” In February 2016, Woodside entered into a Project Development Agreement with Sempra LNG & Midstream to advance the development of the project.

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