Delfin Midstream Inc. has secured a long-term sales and purchase agreement (SPA) and equity investment with Vitol Inc. as it progresses plans to build what could be the Gulf Coast’s first floating LNG (FLNG) terminal.

Houston’s Delfin said Wednesday it netted a 15-year, 0.5 million metric ton/year (mmty) offtake agreement for liquified natural gas with the U.S.-arm of Swiss commodity giant Vitol. LNG linked to Henry Hub could be delivered on a free-on-board basis from the proposed  deepwater port project, which could be sited more than 40 miles off the coast of Louisiana. Vitol also finalized plans to take an undisclosed equity stake in Delfin.

Delfin CEO Dudley Poston told NGI that geopolitical volatility has made the long-proposed project increasingly important as a source...