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ExxonMobil and Qatar Petroleum Make FID for Golden Pass LNG Export Project

ExxonMobil and partner Qatar Petroleum said today they have made a final investment decision (“FID”) to proceed with development of the proposed Golden Pass LNG export project located in Sabine Pass, Texas. Construction will begin in the first quarter of 2019 and the facility is expected to start up in 2024. According to the press release, the “$10+ billion liquefaction project will...

Financing a Challenge to European Imports of U.S. LNG

Bloomberg reports that Andree Stracke, chief commercial officer at German company RWE AG’s trading unit, says that one of the challenges in getting U.S. LNG to Europe is a lack of financing. RWE AG is Germany’s biggest power producer which signed two contracts for U.S. LNG supply this year. According to the report, “to minimize price risk, lenders to U.S. projects typically require...

Pieridae Energy to Acquire Access to Alberta Gas Reserves

Pieridae Energy Limited (Pieridae), sponsor of the proposed Goldboro LNG project in Nova Scotia, and Ikkuma Resources Corp. (Ikkuma) have announced that they have entered into a definitive agreement providing for the acquisition by Pieridae of all of the issued and outstanding shares of Ikkuma, which “will provide Pieridae with ownership of an extensive area of producing and gas-prone...

Venture Global LNG Announces Additional $160 Million in Funding

Venture Global LNG, Inc. announced that it has raised additional private capital of approximately $160 million, bringing funding to a total of $630 million to support the development of both the proposed 10 million tonnes per annum (MTPA) Calcasieu Pass liquefaction and export terminal on the Gulf of Mexico and the proposed 20 MTPA Plaquemines LNG liquefaction and export terminal on...

NextDecade Sells $50 Million in Convertible Stock

NextDecade Corporation (NextDecade) announced that it has agreed to sell $50 million of convertible preferred stock: $35 million worth to HGC NEXT INV, LLC and $15 million worth to funds and accounts managed by each of York Capital Management Global Advisors, LLC and its affiliates, Valinor Management, L.P., and Halcyon Capital Management LP.  According to the press release, NextDecade...

Woodside Petroleum Backs Out of Port Arthur LNG Project

Bloomberg reports that Woodside Petroleum Ltd. has announced that it will not participate in the development of Sempra Energy’s proposed Port Arthur LNG liquefaction facility and export terminal in Port Arthur, Texas. Woodside Chief Executive Officer Peter Coleman is quoted as saying, “[i]t got to a point where it got below our investment returns and we said we need to put our money...

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