trending Market Intelligence /marketintelligence/en/news-insights/trending/w_HUNKiRRFrXb-pCa0CX2w2 content esgSubNav
In This List

Jordan Cove LNG export project asks FERC for rehearing after new agreements


Activity Volumes Across the Equity Capital Markets Dropped Significantly in 2022


Insight Weekly: PE firms shift strategies; bank earnings kick off; bankruptcies plummet

Case Study

A Large Energy Company Manages its Exposure with Robust Tools to Assess Creditworthiness and Set Credit Limits


Insight Weekly: Stocks limp into 2023; GCC banks set for rebound; deep-sea mining faces pushback

Jordan Cove LNG export project asks FERC for rehearing after new agreements

Thebackers behind a proposed Oregon LNG export project and the pipeline to supplyit have filed with FERC a request for rehearing of the commission's order thatdenied their application to build and operate the facilities.

announced April 11that Jordan Cove Energy ProjectLP and PacificConnector Gas Pipeline LP submitted the request for rehearing ofFERC's March 11 order, saying they have entered into several agreements thatdemonstrate commercial support for the development.

"Veresen recently announced that it has finalizedthe key commercial terms for the purchase of at least 3 million tonnes perannum of natural gas liquefaction capacity, representing at least 50% of theproject's initial design capacity," according to an April 11 statement."In addition, Pacific Connector recently executed natural gastransportation service precedent agreements with , and [Jordan Cove], whichin aggregate represent in excess of 75% of the rated capacity of the pipeline."

Jordan Cove and Pacific Connector requested that FERCconsider the agreements as evidence of the market support for the project, andthat the public benefits outweigh potential adverse impacts on landowners.

Veresenon March 22 signed a preliminary agreement to provide long-term natural gasliquefaction capacity to JERA Co. Inc. at Jordan Cove, a deal covering thepurchase of 1.5 million tonnes per annum of liquefaction capacity for aninitial term of 20 years, subject to the negotiation of a tolling contract. OnApril 8, Veresen nailed down a similar off-take agreement with for at least 1.5 mtpa for20 years, bringing Jordan Cove's potentially contracted to 3 mtpa.

FERChas 30 days to grant or deny the request. If FERC denies Jordan Cove's requestfor rehearing, the project can appeal that decision in the U.S. Court ofAppeals within 60 days of the commission's order. Veresen had planned to reacha final investment decision in 2016 after receiving notice to proceed withconstruction from FERC.

PacificConnector is equally owned by a subsidiary of Veresen and a subsidiary ofWilliams Partners LP.