ConocoPhillips Finalizes Agreement with Freeport LNG

Tuesday, July 06, 2004
ConocoPhillips announced the finalization of its transaction with Freeport LNG Development, L.P. to participate in a proposed liquefied natural gas (LNG) receiving terminal in Quintana, Brazoria County, Texas.

ConocoPhillips has acquired 1 billion cubic feet (BCF) per day of regasification capacity in the terminal, has obtained a 50 percent interest in the general partner managing the venture and will provide substantial construction funding to the venture.

The terminal is designed with storage capacity of nearly 7 BCF and send-out capacity of 1.5 BCF per day. Natural gas will be transported through a 9.4-mile pipeline to Stratton Ridge, Texas, which is a major point of interconnection with the Texas intrastate gas pipeline system.

Approval for the facility was received from the Federal Energy Regulatory Commission on June 18. Receipt of all other necessary federal, state and local approvals is expected in the third quarter of this year. The current management of Freeport LNG will remain in place and will oversee the commercial activities of the partnership. ConocoPhillips will provide the leadership for the management of construction and operation of the facility. Construction is scheduled to begin in the fourth quarter, with commercial startup planned for the second half of 2007.

“This project is a critical link for the development of one or more of several LNG projects under consideration by ConocoPhillips that will deliver clean natural gas to the United States’ growing market,” said Sig Cornelius, ConocoPhillips president, Global Gas. “It is a strong addition to the company’s growing LNG portfolio."

Freeport LNG Development, L.P. is a Delaware limited partnership. The general partner is owned 50 percent by Michael S. Smith and 50 percent by ConocoPhillips. For more information, go to www.freeportlng.com.

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

INTERSCHALT Expands Africa, Asia Service Networks

INTERSCHALT maritime systems AG, the provider of maritime software, services and supplier of Voyage Data Recorders (VDR 4G[e] and s-VDR) has expanded its network

Access to Brazil's Itajai Port to Open as Truck Protest Ends

Protesters have agreed to open access to Brazil's main poultry exporting port of Itajai in Santa Catarina state, the port said on Wednesday, ending a lingering

E-marine Begins Fleet Expansion

E-marine, a provider of submarine cable installation and repair solutions in the Middle East and Sub-Continent region, has unveiled plans to expand its fleet of cable ships in 2015,

LNG

BG Group's Australian Project Helping to Double LNG Supplies

A smooth start to operations at BG Group's Australian project in Queensland is expected to help the British company to roughly double its liquefied natural gas (LNG) supplies in 2015/16,

EC Study on LNG as Shipping Fuel Reveals Industry Backing

As efforts to combat climate change increase worldwide, pollution stemming from maritime shipping presents a particular challenge.     The study on the perception

Vessels for the Future – New R&D Initiative

Looking ahead to 2020 and beyond, both maritime and inland waterways will be under ever increasing pressure, as we use them for transport, recreation and commercially.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1614 sec (6 req/sec)