Texas LNG, a closely held company planning a $1.3 billion liquefied natural gas project in the U.S., has started talks with potential customers, targeting companies in Eastern Europe, Latin America and Asia.
The Houston-based company, backed by U.S. hedge fund firm Third Point LLC, is seeking to sign initial agreements within three to six months, Chief Executive Officer Vivek Chandra said by phone.
Texas LNG is among companies seeking to follow larger competitors including Houston-based Cheniere Energy Inc. in building gas export plants in the U.S. Texas LNG expects gas shipments from its facility to begin in 2020, a delay from its initial target of 2018, Chandra said.
“The large Asian buyers aren’t incentivized to make any deals, and are happy to sit on their hands,” Chandra said. “But at the end of the day there are a lot of emerging buyers in Asia, Europe and Latin America who want gas.”
Texas LNG plans to collect fees to take natural gas and convert it into liquid form for shipment to overseas markets. The company is looking for gas producers willing to sell to LNG customers at prices that are fixed, rather than linked to crude or natural gas, he said.
Recommended Reading
Deepwater Roundup 2024: Offshore Europe, Middle East
2024-04-16 - Part three of Hart Energy’s 2024 Deepwater Roundup takes a look at Europe and the Middle East. Aphrodite, Cyprus’ first offshore project looks to come online in 2027 and Phase 2 of TPAO-operated Sakarya Field looks to come onstream the following year.
Deepwater Roundup 2024: Offshore Africa
2024-04-02 - Offshore Africa, new projects are progressing, with a number of high-reserve offshore developments being planned in countries not typically known for deepwater activity, such as Phase 2 of the Baleine project on the Ivory Coast.
Deepwater Roundup 2024: Americas
2024-04-23 - The final part of Hart Energy E&P’s Deepwater Roundup focuses on projects coming online in the Americas from 2023 until the end of the decade.
E&P Highlights: March 15, 2024
2024-03-15 - Here’s a roundup of the latest E&P headlines, including a new discovery and offshore contract awards.
Remotely Controlled Well Completion Carried Out at SNEPCo’s Bonga Field
2024-02-27 - Optime Subsea, which supplied the operation’s remotely operated controls system, says its technology reduces equipment from transportation lists and reduces operation time.