By Giulia Petroni 
 

TotalEnergies and its partners have made a final investment decision to develop phase-one of the Rio Grande liquefied natural gas project in South Texas.

The French oil-and-gas major said Thursday that as a result of the decision, it will acquire a 16.67% stake in the joint venture in charge of the first phase of the project and participate in its equity contributions for a total amount of $1.1 billion.

The investment decision was made by Global Infrastructure Partners, NextDecade and their partners GIC and Mubadala. The project will be financed by equity contributions from the partners and by a debt contribution agreed on with an international banks' consortium.

TotalEnergies said it will hold a total 17.5% stake in NextDecade for a total amount of $219 million, and offtake 5.4 million metric tons a year of LNG from first-phase production for a period of 20 years.

The first phase comprises three liquefaction trains with a total capacity of 17.5 million tons a year and capital expenditure of $14.8 billion, according to the company.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

July 13, 2023 02:50 ET (06:50 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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