GofM Energy Hub: LNG Exports to India Planned

Press Release
Thursday, April 25, 2013
Principals Sign the Agreement: Photo credit United LNG

United LNG, LP and Petronet LNG Limited, India's largest LNG importer, agree to supply LNG from the Main Pass Energy Hub™ project in the Gulf of Mexico.

The (conditional) agreement was signed by Petronet LNG Managing Director & CEO, Dr. A.K. Balyan and Stephen Payne, Chairman & General Partner of United LNG, of the United States, at the LNG 17 Conference held in Houston, Texas.

The parties said they would continue working toward a final Sales Purchase Agreement to conclude the purchase and sale by the year's end. The agreement will provide for United LNG to supply a minimum of 4 MTPA (million tons per annum) of LNG with the potential for additional supply, for a 20-year term thru the Main Pass Energy Hub™ which is being jointly developed by United LNG and Freeport McMoRan Energy. Additionally, Petronet is exploring the possibility to purchase a stake in United LNG's liquefaction facilities located in the Gulf of Mexico and partner with United LNG, as this has become the industry standard in recent years in order to reduce project risk. The parties said the commercial details are confidential.

Petronet LNG Managing Director & CEO, Dr. A.K. Balyan said, “Petronet LNG is delighted to have executed our first USA based LNG supply off take agreement and looks forward to moving ahead with United LNG and their strong JV partner Freeport-McMoRan Energy. As both a reliable and low cost LNG supplier, the USA is now the world's prime target to secure LNG, and this agreement with United is another big step forward to meeting India's growing demand for clean energy.”

Stephen Payne, Chairman & General Partner of United LNG, LP said, “Petronet is our largest single LNG buyer and our second customer on the Sub-Continent, and we are proud to be working with them. United LNG now has supply agreements totaling 12 mtpa, which represent half of our total off take capacity. At this week's LNG conference, we made significant progress negotiating with 12 potential customers on 3 continents and we expect to be fully subscribed very soon."

Furthermore, Freeport-McMoRan Energy LLC, a subsidiary of McMoRan Exploration and United LNG are engaged in a JV effort to utilize McMoRan’s Main Pass Energy Hub™ (MPEH™) as a facility/terminal to receive, store and condition natural gas for off loading to Coastal Liquefaction Storage and Offloading vessels for export. Main Pass has received a Free Trade Agreement (FTA) LNG export license from the U.S. Department of Energy for the facility to export 24 million tonnes per annum (which is the single largest LNG export license granted by the DOE); a Non-FTA application has also been filed and is awaiting DOE approval.
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

New 'Mega Passenger Ship' for Star Cruises

Elomatic Ltd and Deltamarin Ltd have signed a tri-party engineering contract with shipbuilder MV Werften for the design of Star Cruises’ new Global Class “mega passenger ship,

Daewoo Shipbuilding: $1.4 bln order Cancelled

Cancelled order part of Statoil's Bressay project. South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd on Friday said a 1.58 trillion won ($1.41 billion)

Asia Tankers-VLCC Rates Falter on Oil, Tanker Supplies

MidEast, West Africa rates hit 11-month low. Freight rates for very large crude carriers (VLCCs), which hit an 11-month low this week, could slide further next

Offshore

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

US Oil Drillers Add Rigs for 5th Week in a Row

U.S. drillers this week added oil rigs for a fifth consecutive week, Baker Hughes Inc said on Friday, but the oilfield services provider and some analysts cast

Det Norske to Restore Production at Alvheim after Leak

Norwegian oil firm Det norske said it expected to reach full production at its Alvheim FPSO (floating storage, offloading and producing unit) overnight after a leak,

LNG

First US LNG Shipment Goes to China

The first liquefied natural gas vessel from the lower 48 U.S. states is on its way to China, according to a Reuters interactive map on Friday, the latest sign that

LNG Market Needs More Vessels than Currently on Order

Despite the current weakness in LNG shipping rates, Drewry maintains its bullish long-term outlook for LNG shipping and believes that the market will require more

Insights: Kunkel Weighs in on Propulsion Technology

LNG? Methanol as fuel? Hybrid systems? Tier 4? Reducing noise? Cutting emissions without crushing fuel economy? Marine News readers have questions and Bob Kunkel has answers.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | 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: 0.0893 sec (11 req/sec)