FOR IMMEDIATE RELEASE : GULFSTREAM LNG RECEIVES FERC APPROVAL TO COMMENCE PREFILING PROCESS, CLOSES SEED FUNDING ROUND, UPGRADES SITE, AND ADVANCES PROJECT DEVELOPMENT
HOUSTON, May 16 2024 – Gulfstream LNG Development, LLC (‘Gulfstream LNG‘), an onshore greenfield liquefied natural gas (‘LNG‘) export project under development in Plaquemines Parish, Louisiana, south of New Orleans, is pleased to announce that it has received the U.S. Federal Energy Regulatory Commission (‘FERC‘) Approval to commence the Pre-filing permitting process, kicking off the regulatory review for its proposed 4 million tonnes per annum (‘MTPA’) modular export facility. The FERC, which has assigned Gulfstream LNG docket number PF24-5, regulates the siting, construction, operation, and maintenance of LNG terminals and related infrastructure.
This key achievement follows Gulfstream LNG’s closing of its initial ‘Seed Funding’ round and its move to a nearby downstream site on the same side of the Mississippi River as its previously announced location. The upgraded 418-acre site, with over three kilometers (over two miles) of deepwater (15+ meters, 50+ feet) Mississippi River frontage, is secured under a long-term 50+ year lease agreement with a private landowner. The site is traversed by a 26” natural gas pipeline that will supply, as per an executed agreement with the pipeline operator, the full volume of feed gas required for the operation of the Gulfstream LNG facility at its nameplate capacity.
As per analysis of LNG facility maps on the FERC website (https://www.ferc.gov/media/us-lng- export-terminals-existing-approved-not-yet-built-and-proposed), Gulfstream LNG stands out as the first greenfield (non-expansion) LNG project in the U.S. onshore permitting process since 2019. This achievement is remarkable, considering the global LNG market’s exponential growth and geopolitical significance. Further, it confirms Gulfstream LNG’s view that it has ‘secured one of the last remaining permittable LNG export project sites on the US Gulf Coast.’
Over the past year, Gulfstream LNG has further reduced project risk by selecting its key technical partners, including Baker Hughes as the liquefaction equipment provider, Honeywell UOP to provide its gas treatment technology, GTT to provide LNG tank technology and containment system, and Kiewit Energy Group Inc. to provide engineering, procurement, and construction support. Each of these global companies have extensive LNG experience with proven and robust proprietary technologies and processes. With the support of these providers plus Greenberg Traurig, LLP, a global law firm, and Waldemar S. Nelson and Company, Inc., a New Orleans-based engineering and permitting consulting firm with 80 years of Mississippi River project development experience, Gulfstream LNG will be able to provide project-specific information and process unit parameters required for the FERC process and FEED engineering on a timely and cost-efficient basis.
Gulfstream LNG facilities will include two ‘trains’ for gas processing, three electric-drive liquefaction ‘trains’ each with an average base LNG production capacity of approximately 1.4 MTPA, one 200,000 m3 LNG storage tank and tank protection system, two marine loading berths (one capable of receiving smaller barges and vessels, and one for servicing larger ocean-going LNG carriers), and an on-site gas-fired power generation plant. Gulfstream LNG is also evaluating various CO2 capture, use and storage options to reduce its Scope 1 and Scope 2 CO2 emissions.
Vivek Chandra, CEO and Founder of Gulfstream LNG, expressed his gratitude, saying, “We are pleased to have completed this important step in the permitting process and thank FERC for their timely review of our prefiling application. This follows on the receipt of the Department of Energy (‘DoE’) export permit for Free Trade Area nations, the recent submission of the Preliminary Waterway Suitability Assessment to the U.S. Coast Guard, launch of our website (www.gulfstreamlng.com), continued discussions with equity investors, and growth of the core team.”
Dr. Chandra also remarked that, ‘Though the Administration’s pause in the review of DoE non- FTA permits does not directly impact Gulfstream LNG because of our stage in the FERC process, we encourage the US government to complete their evaluation as soon as possible. Export permit delays add uncertainty to project development, impact the global energy transition, and encourage the continued usage of coal and other dirty fuels.’
First production, anticipated in less than six years, will coincide with a forecasted shortfall in global LNG supply exacerbated by recent geopolitical events and natural production declines in many legacy facilities. Gulfstream is considering multiple commercial business models, including tolling by offtake customers and by upstream gas producers, as well as FOB sales. In contrast to other facilities on the Gulf Coast, Gulfstream LNG plans to supply domestic, regional, and international LNG markets via river barges, small ships, bunkering vessels, and large tanker exports under long-term contracts.
The Gulfstream LNG team is focused on speed to production, customer flexibility, efficient use of capital, good corporate citizenship, safety of operations, and supporting the global energy transition by providing affordable low carbon LNG to markets currently dominated by coal, petroleum products and other higher-carbon fuels.
About Vivek Chandra
Vivek Chandra, Chief Executive Officer and Founder of Gulfstream LNG, is an internationally recognized LNG entrepreneur. Over the past 35+ years, he has worked on LNG export and receiving projects in North America (including Alaska and the US Gulf Coast), the Middle East, Asia, and Australia.
Dr. Vivek Chandra previously founded Texas LNG, an LNG export project under development in south Texas. Under his leadership as CEO of Texas LNG, the company completed multiple funding and technical rounds, and received its FERC permit at a fraction of the cost of other LNG export projects. Texas LNG has recently announced its intention to begin construction later this year.
Contact:
Media Advisor : media@gulfstreamlng.com
Vivek Chandra : vc@gulfstreamlng.com
Source: www.gulfstreamlng.com
Cautionary Statement:
The information and materials contained in this document are provided for informational purposes only and are subject to addition, deletion and modification without notice at the sole discretion of Gulfstream LNG Development, LLC, and are not warranted or guaranteed to be correct, complete or up-to-date. The information and materials could include technical inaccuracies, and other errors and are provided “as Is” without any representation or warranties of any kind. Gulfstream LNG Development, LLC and Vivek Chandra will neither accept nor assume any liability, direct, indirect, or consequential, of any kind arising from the use of information and materials contained in this document or the linked website. This document is not to be considered or to be constituted as investment advice or as any type of offer, invitation, solicitation, or recommendation in relation to the purchase or sale of any type of financial instruments or security in any jurisdiction.
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