With its latest sales and purchase agreement (SPA) with Galp Trading SA, NextDecade Corp. is targeting a final investment decision for its Rio Grande LNG terminal early next year.

rio grande

Houston-based NextDecade disclosed Tuesday that it has inked a 20-year, 1 million metric ton/year (mmty) SPA at prices linked to Henry Hub with the unit of Galp Energia SGPS SA. The Portuguese energy firm has a modest LNG trading portfolio mostly supplied by long-term contracts from Venture Global LNG Inc.’s Calcasieu Pass LNG in Louisiana and Nigeria LNG.

Galp is the second European firm to sign an agreement for offtake from the 27 mmty capacity terminal as NextDecade progresses the first phase of its project.

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