As global LNG markets enter their next growth cycle, the structure of U.S. LNG development is changing.
The first wave of LNG export projects focused on proving the U.S. could reliably deliver molecules to global markets. The second wave emphasized scale, speed, and portfolio diversification. Today, the industry is moving into Wave 3 and Wave 4 LNG development, defined by capital discipline, brownfield optimization, infrastructure integration, and long-term supply security.
Few companies are better positioned at this intersection than Sempra Infrastructure.
With operating assets, large-scale projects under construction, and expandable brownfield capacity, Sempra has quietly assembled one of the most balanced LNG portfolios on the U.S. Gulf Coast — one that aligns directly with how LNG is being financed, built, and contracted in the next decade.
Understanding Wave 3 and Wave 4 LNG
Before assessing Sempra’s role, it is important to define what differentiates the current LNG cycle.
Wave 3 LNG
Wave 3 projects are characterized by:
- Final investment decisions made between 2021–2024
- Large-scale projects now under construction or nearing completion
- Long-term offtake contracts anchored by global utilities and national oil companies
- Strong linkage to U.S. shale gas basins, particularly the Haynesville
These projects represent the next 60–70 MTPA of global LNG supply expected online between 2025 and 2030.
Wave 4 LNG
Wave 4 projects extend beyond 2030 and are defined by:
- Brownfield expansions over greenfield megaprojects
- Lower capital intensity and faster build timelines
- Modular train design and debottlenecking strategies
- Greater commercial flexibility, including portfolio and merchant volumes
- Increasing integration with power markets, data centers, and long-term industrial demand
Wave 4 is less about scale alone — and more about optimization, reliability, and optionality.
Sempra Infrastructure’s LNG Portfolio at a Glance
Sempra Infrastructure currently controls approximately 31.5 million tonnes per annum (MTPA) of LNG capacity across three development stages:
- 12.0 MTPA Operating – Cameron LNG (Louisiana)
- 13.5 MTPA Under Construction – Port Arthur LNG Phase 1 (Texas)
- 6.0 MTPA Pre-FID – Cameron LNG Phase 2 expansion
This portfolio structure uniquely positions Sempra to participate meaningfully in both Wave 3 and Wave 4 LNG growth.
Cameron LNG: Foundation of Scale and Credibility
Cameron LNG, located in southwest Louisiana, was among the earliest large-scale LNG export terminals built on the U.S. Gulf Coast.
With 12 MTPA fully operational across three trains, Cameron provides Sempra with:
- Stable long-term contracted cash flow
- Operational credibility with global LNG buyers
- Established feedgas and pipeline connectivity
- Existing marine, storage, and liquefaction infrastructure
In the context of Wave 3 and Wave 4 LNG, Cameron serves as the foundation asset — de-risking future expansions and strengthening Sempra’s credibility as a long-term LNG infrastructure owner.
Port Arthur LNG: A Core Wave 3 Growth Engine
Port Arthur LNG Phase 1 is the centerpiece of Sempra’s growth strategy.
At 13.5 MTPA, it is one of the largest LNG projects currently under construction in North America and represents a major source of incremental U.S. gas demand in the second half of the decade.
Key attributes include:
- Strategic location on the Texas Gulf Coast
- Direct access to Haynesville, Permian, and Eagle Ford supply
- Long-term offtake agreements with global buyers
- Integration with existing Sempra pipeline and infrastructure assets
Port Arthur firmly places Sempra in the Wave 3 LNG cohort, alongside projects such as Golden Pass, Plaquemines, Corpus Christi Stage 3, and Calcasieu Pass expansions.
Once fully operational, Port Arthur is expected to anchor Sempra’s LNG cash flow well into the 2040s.
Cameron Phase 2: A Wave 4 Brownfield Advantage
While Port Arthur defines Sempra’s Wave 3 position, Cameron Phase 2 represents its Wave 4 optionality.
The proposed 6.0 MTPA expansion would leverage:
- Existing storage tanks
- Marine berths
- Pipeline interconnections
- Site infrastructure and permitting groundwork
This brownfield approach significantly reduces capital intensity compared to new greenfield terminals.
As LNG markets evolve post-2030, Cameron Phase 2 offers Sempra a powerful lever:
- Faster FID timelines
- Lower construction risk
- Improved returns on invested capital
- Flexibility to match future demand growth
Wave 4 LNG will likely favor exactly this type of expansion — smaller, modular, capital-efficient additions tied to proven assets rather than new mega-projects.
Feedgas Strategy: Haynesville First, Permian Optionality
Sempra’s LNG system is structurally aligned with North America’s most LNG-relevant gas basin: the Haynesville Shale.
Key advantages include:
- Short transport distance to Gulf Coast terminals
- High deliverability and dry-gas quality
- Rapid drilling response to LNG price signals
- Strong midstream connectivity
The Permian Basin provides secondary flexibility, particularly as associated gas volumes grow alongside oil production.
This dual-basin exposure gives Sempra resilience against:
- Regional basis blowouts
- Pipeline maintenance disruptions
- Volatile gas price environments
As LNG increasingly becomes the marginal demand driver for U.S. natural gas, this feedgas positioning is a strategic advantage.
Why Sempra Matters in the Next LNG Cycle
Unlike developers focused solely on LNG liquefaction, Sempra operates as a fully integrated energy infrastructure company.
Its strengths include:
- Regulated and unregulated infrastructure ownership
- Long-duration asset management experience
- Access to capital through diversified business lines
- Deep expertise in permitting, construction, and operations
In a capital-constrained global LNG environment, these attributes matter.
Wave 3 and Wave 4 LNG development will increasingly reward companies that can:
- Deliver projects on time and on budget
- Optimize existing infrastructure
- Manage long-term operational risk
- Provide reliability to global buyers
Sempra fits that profile.
The Bottom Line
Sempra Infrastructure is not the loudest LNG developer in the market — but it may be one of the most strategically positioned.
- Wave 3: Anchored by Port Arthur LNG and supported by operating Cameron volumes
- Wave 4: Enabled through Cameron Phase 2 and brownfield expansion economics
- Feedgas: Haynesville-led with Permian swing supply
- Strategy: Long-term infrastructure ownership over speculative development
As global LNG demand continues to rise — driven by energy security, coal-to-gas switching, and power demand from electrification and data centers — companies with scale, discipline, and optionality will define the next era of LNG growth.
Sempra Infrastructure is positioned to be one of them.
