Perth-based Liquefied Natural Gas Limited’s managing director and CEO Gregory M. Vesey said the LNG industry is currently challenged by LNG supply-demand imbalance.
However, commenting on the company’s quarter report, Vesey believes the company is in a position to take advantage on a global scale in the long-term. LNG limited is currently completing the marketing of Magnolia LNG’s offtake capacity as it works its way through financing and into construction.
LNG Limited is currently completing the marketing of Magnolia LNG’s offtake capacity as it works its way through financing and into construction.
The proposed Magnolia LNG facility in the Lake Charles District, Louisiana, would have up to four trains each with a liquefaction capacity of 2 mtpa or more, two 160,000 cbm storage tanks, ship, barge and truck loading facilities and supporting infrastructure.
LNG Limited is also working to finalize the regulatory permitting, engineering, and the marketing of liquefaction tolling capacity for its Bear Head LNG project on the Strait of Canso in Richmond County, Nova Scotia, Canada.
The facility will have an export capacity of 8 mtpa with an option to expand to 12 mtpa of liquefied natural gas. LNGL said the first chilled gas from the facility is expected in 2019 or 2020.
Vesey further stated that the company believes in long-term global demand growth for natural gas and sees the market becoming short supply beginning in 2021/2022, which is the period it expects to provide relief in the early part of the demand window in 2021/2022.
The company’s two North American projects will have the capacity to deliver up to 16 mtpa of liquefaction capacity into the market in that window with up to 20 mtpa or more by 2024.
LNG World News Staff