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Magnolia LNG Signs Heads of Agreement with VGS

Magnolia LNG, LLC (Magnolia), has signed a non-binding Heads of Agreement (HOA) with Vessel Gasification Solutions, Inc. (VGS), which provides for a 20-year Free-on-Board Sale and Purchase Agreement of up to 4 million metric tonnes per annum from Magnolia’s proposed LNG export terminal at Lake Charles, La.  The HOA contains several conditions precedent.  According to the press...

GE Oil & Gas Invests $25 Million in Driftwood LNG Parent

Tellurian Investments Inc. (Tellurian), owner of Driftwood LNG, has announced that GE Oil & Gas has made a $25 million preferred equity investment in Tellurian.  The proposed Driftwood LNG export terminal would be located on the west side of the Calcasieu River, near Carlyss, Calcasieu Parish, La.  Tellurian President and CEO Meg Gentle said in a press release: “This investment...

Producer Sponsors Not Moving Forward on Alaska LNG Project

Alaska Dispatch News reports that at a hearing before Alaska state legislators, ExxonMobil said it will not move forward with the front-end engineering and design, or FEED phase of development of the Alaska LNG Project, which was set to start in 2017 and was expected to cost up to $2 billion.  ConocoPhillips and BP, the other two producer sponsors of the project, also indicated that...

Study: Alaska LNG Project Too Expensive to be Competitive

Alaska Public Media reports that consulting firm Wood Mackenzie has released a study finding that in its current form, the Alaska LNG Project is too expensive to be competitive with other LNG projects proposing to serve north Asian markets.  The report offers options to reduce the costs of the project, estimated to be $45 – $65 billion, including bringing in outside investors or full...

Venture Global LNG Closes Additional $15 Million Funding Deal

Venture Global LNG, Inc., announced that it has closed a fifth round of equity investment, raising additional capital of $15 million and bringing the total capital raised to date to over $280 million.  The proceeds will fund Venture Global LNG’s proposed 10 million tonnes per annum (MTPA) Venture Global Calcasieu Pass LNG facility at the intersection of the Calcasieu Ship Channel and...

Venture Global LNG Closes Additional $55 Million Funding Deal

Venture Global LNG, Inc. (Venture) announced the successful closing of its fourth round of equity investments to fund its proposed liquefaction and LNG export terminal on the Mississippi River in Plaquemines Parish, La. According to the press release, the “round also is notable for adding to the group of high profile, very large institutional investors in the company.” The fourth...

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