from investors for their potential to come online more quickly, while onshore LNG projects typically take years to develop.
Delfin's nonbinding deal with Devon follows a binding one in July with energy trading company Vitol, which signed a 15-year deal to buy .5 million metric tons per year of LNG from the planned modular floating port. Delfin also announced a nonbinding agreement with British energy company Centrica last month for 1 million metric tons per year.
“Our decision to invest in Delfin was the result of a thorough process intended to create additional pricing diversification for our natural gas portfolio and deliver a sustainable and capital efficient return for our shareholders,” said Rick Muncrief, Devon’s president and chief executive. Delfin said it is “on schedule” to make a final investment decision, which is a precursor to construction, by the end of this year.