U.K. energy company Centrica ( OTCPK:CPYYF ) ( OTCPK:CPYYY ) said Tuesday it signed a 15-year supply deal with Delfin Midstream valued at £7B ($8.45B) for liquefied natural gas from a planned LNG export facility off the coast of Louisiana, as Europe tries to reduce its dependence on Russian gas.
Centrica ( OTCPK:CPYYF ) ( OTCPK:CPYYY ) said the heads of agreement calls for the purchase of 1M metric tons/year of LNG for 15 years from the Delfin Deepwater Port, which would be the first floating LNG export facility in the U.S.
Delfin is expected to reach a final investment decision by the end of this year, with operations expected to start in 2026.
Centrica ( OTCPK:CPYYF ) ( OTCPK:CPYYY ) is focused on boosting its LNG portfolio and "ensuring that we increase our access to a diversified range of reliable gas supplies," CEO Chris O'Shea said.
Last month, Centrica ( OTCPK:CPYYF ) ( OTCPK:CPYYY ) signed a £4B gas supply deal with Norway's Equinor .
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U.K.'s Centrica signs 15-year deal to import £7B in U.S. LNG