EthosEnergy received a $176.8 million contract for the first third-party operations and maintenance (O&M) services partnership at the Lake Charles, La., production facility for Magnolia LNG (MLNG).
The Magnolia LNG project will have an 8 million tonnes per annum (mtpa) LNG facility on a 115-acre site on an established LNG shipping channel in the Lake Charles District. There will be four LNG production trains of 2 mtpa each.
EthosEnergy’s O&M services will include mobilization, full care, custody and control of the facility, and full responsibility for filling operations of the vessels at the dedicated mooring location adjacent to the facility.
Feed gas supply will come from the highly-liquid U.S. Gulf Coast gas market via several gas suppliers. Gas supply will be delivered via the Kinder Morgan Louisiana Pipeline (KMLP). Magnolia LNG entered into a 20-year binding pipeline capacity agreement with Kinder Morgan Louisiana Pipeline LLC to deliver gas to the site.
The draft environmental impact statement was released on July 17, according to the Aug. 23 press release.
On July 22, Magnolia LNG signed a binding agreement with Meridian LNG Holdings Corp. for firm capacity rights for up to 2 mtpa; and negotiations are ongoing with several other LNG buyers for 20-year terms with extension options.
Recommended Reading
ProPetro Ups Share Repurchases by $100MM
2024-04-25 - ProPetro Holding Corp. is increasing its share repurchase program to a total of $200 million of common shares.
Baker Hughes Hikes Quarterly Dividend
2024-04-25 - Baker Hughes Co. increased its quarterly dividend by 11% year-over-year.
Weatherford M&A Efforts Focused on Integration, Not Scale
2024-04-25 - Services company Weatherford International executives are focused on making deals that, regardless of size or scale, can be integrated into the business, President and CEO Girish Saligram said.
Range Resources Holds Production Steady in 1Q 2024
2024-04-24 - NGLs are providing a boost for Range Resources as the company waits for natural gas demand to rebound.
Hess Midstream Increases Class A Distribution
2024-04-24 - Hess Midstream has increased its quarterly distribution per Class A share by approximately 45% since the first quarter of 2021.