Stock Groups

Venture Global gets OK on 4th LNG block at Louisiana Calcasieu plant -Breaking

[ad_1]

© Reuters. FILEPHOTO: The Dominion Cove Point Liquefied Natural Gas terminal (LNG) in Lusby Maryland, March 18 2014 is covered with snow. REUTERS/Gary Cameron/File photo

(Reuters) – U.S. liquefied LNG company Venture Global LNG was granted permission by federal energy regulators on Tuesday to open the fourth liquefaction unit at its Calcasieu Pass LNG Export Plant in Louisiana.

According to Refinitiv data, the Yiannis tanker arrived Monday at Calcasieu. It could have been the first ship to collect a cargo at the facility.

Venture Global applied to the U.S. Federal Energy Regulatory Commission for permission last week to transport the first cargo of commissioning from Calcasieu, on or after February 9.

Venture Global officials have yet to say if the Yiannis will be the first vessel to receive LNG from the facility.

Venture Global reported that Calcasieu began producing LNG in January after it had been importing feed gas through pipelines from August.

Venture Global has installed 18 modular liquefaction engines in Calcasieu. They are expected to produce approximately 10,000,000 tonnes (MTPA), or 1.5 billion cubic feet of natural gas per day, from nine different blocks. According to analysts, the cost of this plant is approximately $4.5 Billion.

The commissioning of three blocks has been approved by FERC already. Tuesday’s approval will make it four.

Venture Global currently has approximately 70 MTPA LNG export capacity in Louisiana under construction. This includes the 20-MTPA Plaquemines and 20-MTPA Delta.

Venture Global is already doing preliminary site work for the Plaquemines Project, valued at $8.5 billion. Analysts expect that Plaquemines will start producing its first LNG in 2024.

Venture Global has signed long-term deals to sell LNG to various companies, including China National Offshore Oil Corp. CNOOC (NYSE :)), China Petroleum, (NYSE;) and Chemical Corp. Sinopec (NYSE :)), Royal Dutch Shell, (LON 🙂 PLC and BP (NYSE 🙂 PLC. Edison SpA. Galp Energia SGPS SA.

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.

[ad_2]