Baker Botts Advises Sempra Infrastructure on $14 Billion Port Arthur LNG Phase 2 Development and Investment
Release
HOUSTON, Texas - September 29, 2025 – Baker Botts L.L.P., a leading international energy, technology, and life sciences law firm, advised Sempra Infrastructure Partners, a subsidiary of Sempra (NYSE: SRE), in connection with the development of the Port Arthur LNG Phase 2 project in Jefferson County, Texas, including its final investment decision (FID) to proceed with the project, which is now under construction, and an important minority equity investment.
The expansion is estimated to have approximately $12 billion in capital expenditures, plus an approximate $2 billion payment for shared common facilities. The project will include two new liquefaction trains, one LNG storage tank, and associated infrastructure with a nameplate capacity of approximately 13 million tonnes per annum of LNG. Commercial operations are expected in 2030 and 2031 for Trains 3 and 4 of the Port Arthur facility, respectively.
The project is supported by a $7 billion equity investment from a consortium led by Blackstone Credit & Insurance, along with KKR, Apollo-managed funds, and private credit at Goldman Sachs Alternatives, in exchange for a 49.9% minority stake. Sempra Infrastructure retains a 50.1% majority interest.
Port Arthur LNG Phase 2 is subscribed with long-term offtake under 20-year offtake agreements with ConocoPhillips (anchor partner), EQT Corporation, JERA Co., Inc., and Sempra Infrastructure Partners, with additional agreements expected to enhance project value.
Baker Botts Lawyers/Offices Involved:
Jason Bennett (Partner, Houston), Matthew Fusina (Partner, Washington, D.C.), Thomas Holmberg (Partner, Washington, D.C.), Natasha Khan (Partner, Houston), Jon Lobb (Partner, Houston), Paul Lugard (Partner, Brussels), Dan Kruger (Partner, Washington, D.C.), Matthew Larsen (Partner, Dallas), Emil Barth (Partner, Washington, D.C.), Andrew Behrman (Partner, New York), John Papaspanos (Partner, New York), Paul Luther (Partner, Washington, D.C.), Jonice Cline (Special Counsel, Houston), Natasha Gandhi (Special Counsel, Dallas), Jared Meier (Senior Associate, Houston), Collin Hunt (Senior Associate, Houston), Megan Lawhorne (Associate, Washington, D.C.), Sean O’Neill (Associate, Washington, D.C.), Louis Delvaux (Associate, Brussels), Alexander Reinert (Associate, Washington, D.C.), Jake Negvesky (Associate, Washington, D.C.), Haekyong Min (Associate, Houston), and Pearce Layrisson (Associate, Houston)
The expansion is estimated to have approximately $12 billion in capital expenditures, plus an approximate $2 billion payment for shared common facilities. The project will include two new liquefaction trains, one LNG storage tank, and associated infrastructure with a nameplate capacity of approximately 13 million tonnes per annum of LNG. Commercial operations are expected in 2030 and 2031 for Trains 3 and 4 of the Port Arthur facility, respectively.
The project is supported by a $7 billion equity investment from a consortium led by Blackstone Credit & Insurance, along with KKR, Apollo-managed funds, and private credit at Goldman Sachs Alternatives, in exchange for a 49.9% minority stake. Sempra Infrastructure retains a 50.1% majority interest.
Port Arthur LNG Phase 2 is subscribed with long-term offtake under 20-year offtake agreements with ConocoPhillips (anchor partner), EQT Corporation, JERA Co., Inc., and Sempra Infrastructure Partners, with additional agreements expected to enhance project value.
Baker Botts Lawyers/Offices Involved:
Jason Bennett (Partner, Houston), Matthew Fusina (Partner, Washington, D.C.), Thomas Holmberg (Partner, Washington, D.C.), Natasha Khan (Partner, Houston), Jon Lobb (Partner, Houston), Paul Lugard (Partner, Brussels), Dan Kruger (Partner, Washington, D.C.), Matthew Larsen (Partner, Dallas), Emil Barth (Partner, Washington, D.C.), Andrew Behrman (Partner, New York), John Papaspanos (Partner, New York), Paul Luther (Partner, Washington, D.C.), Jonice Cline (Special Counsel, Houston), Natasha Gandhi (Special Counsel, Dallas), Jared Meier (Senior Associate, Houston), Collin Hunt (Senior Associate, Houston), Megan Lawhorne (Associate, Washington, D.C.), Sean O’Neill (Associate, Washington, D.C.), Louis Delvaux (Associate, Brussels), Alexander Reinert (Associate, Washington, D.C.), Jake Negvesky (Associate, Washington, D.C.), Haekyong Min (Associate, Houston), and Pearce Layrisson (Associate, Houston)
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