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Gas industry grapples with political winds; Elba Island LNG 'a drag' on earnings

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Gas industry grapples with political winds; Elba Island LNG 'a drag' on earnings

'We are collateral damage': Gas industry grapples with political winds

Political resistance to fossil fuels has buffeted a U.S. LNG export industry that is mostly optimistic about increasing its shipments of record-high domestic gas output to world markets. LNG industry supporters at the Gulf Coast Energy Forum in New Orleans expressed concern about an array of policy challenges that could raise the stakes for a sector that has long grappled with environmental opposition to gas infrastructure projects.

Kinder Morgan LNG project delay weighs on earnings; Permian pipes pushed back

Kinder Morgan Inc. CEO Steven Kean said a delay in the start of its Elba Island LNG project was "a drag" on the company's third-quarter performance and contributed to a cut in the company's 2019 earnings forecast. Hold-ups in the start of the liquefaction plant and other factors like lower commodity prices will dent adjusted EBITDA by about 3% for the year from a budgeted $7.8 billion, the Houston-based midstream giant said.

LNG Ltd. extends timeline for finalizing supply deal for Vietnam power project

Australia's LNG Ltd. reached an agreement to push back the deadline for finalizing a deal for its proposed Magnolia LNG LLC export terminal in Louisiana to supply 2 million tonnes per annum of LNG to support a gas-to-power project in Vietnam, the company said Oct. 11. "We feel that the extensions will provide [LNG Ltd.] and Delta Offshore Energy with more than adequate time to finalize terms for what will be the first long-term sale and purchase agreement for LNG to Vietnam," LNG Ltd. CEO Greg Vesey said in a news release.

ConocoPhillips inks $1.39B deal to sell Australia-West assets to Santos

ConocoPhillips is set to raise $1.39 billion from the sale of its Australia-West assets and operations to Santos Ltd. for use for general corporate purposes. The assets include a 37.5% interest in the Barossa project and Caldita field, a 56.9% interest in the Darwin LNG facility and Bayu-Undan field, a 40% interest in the Poseidon field and a 50% interest in the Athena field.

FERC clears 400 MMcf/d Permian project, sets 2 more pipes for action

The Federal Energy Regulatory Commission acted on one of the backlogged natural gas projects in its dockets, the 400 MMcf/d Sendero Carlsbad Gateway LLC and put two other pipelines on its agenda for authorization decisions at the commission's Oct. 17 open meeting. FERC has gotten some nudges to act on LNG projects in the Brownsville Ship Channel area that received their final environmental documents more than five months ago.

Tokyo Gas rejects vessel carrying US LNG after engine malfunction at Tokyo Bay

Japanese utility Tokyo Gas Co. Ltd. has rejected the delivery of an LNG cargo sourced from the U.S. aboard the carrier Energy Atlantic, after the vessel suffered a power outage and engine malfunction shortly after entering Tokyo Bay on Oct. 10, a source with Tokyo Gas said. Tokyo Gas has rejected the delivery at its Negishi terminal for safety reasons, as the causes of the outage are still unknown, a Tokyo Gas spokesperson said.

Report: Nigerian state oil firm signs $2.5B deal with Nigeria LNG

State-owned oil firm Nigerian National Petroleum Corp. entered into a $2.5 billion prepayment agreement for upstream gas development projects with Nigeria LNG Ltd., a joint venture of NNPC and oil majors Royal Dutch Shell PLC, Total SA and Eni SpA, Reuters reported Oct. 11. Nigeria LNG produces around 7% of the world's total LNG supply, according to Shell.