Liquefied Natural Gas Limited (LNG Ltd) has released a quarterly highlights report for the final quarter of 2014.
The company reported a cash balance of US$53.2 million as at 31 December 2014, and no debt.
The US Patent and Trademark Office has allowed a patent application of the company’s LNG processing design. LNG Ltd expects a granted patent to be issued by the end of February, protecting its OSMR® process as a method and system for the production of LNG.
LNG Ltd continued to progress all necessary permits and approvals for the development of the Magnolia LNG project with the US Federal Energy Regulatory Commission (FERC). This included responses to various anticipated engineering data and environmental information requests.
An EPC contract was agreed with SKE&C USA, Inc. (SKEC). The total capital cost for the project remains as previously stated at US$3.5 billion, equating to US$440/t.
Magnolia LNG signed a memorandum of understanding (MOU) with Kellogg Brown & Root LLC, a KBR subsidiary, whereby KBR and SKC will execute a joint venture agreement to deliver the project.
The project is on schedule for financial close in mid-2015, with first LNG projected in 4Q18.
Bear Head LNG
Bear Head LNG filed for modifications to the existing construction and environmental permits granted by the Nova Scotia Utility and Review Board and Nova Scotia Environment. The company also announced the expansion of the initial production capacity from 4 to 8 million tpy.
The company filed an application with Canada’s National Energy Board (NEB) for an export license for up to 12 million tpy of LNG. LNG Ltd also filed an application with the US Department of Energy (DOE) for authorisation to export natural gas to Canada over a 25-year period.
Fisherman’s Landing LNG
Gladstone Ports Corporation Limited has extended the option to lease until 31 March 2015, with a further one-year option.
The company signed a memorandum of intent (MOI) for gas supply with Tri-Star Petroleum Company. Tri-Star has gas tenures in Queensland, which could supply gas to the project. The MOI involves the Fisherman’s Landing project processing Tri-Star’s gas reserves to produce 1.5 million tpy of LNG over a period of 20 years.
Adapted from press release by Katie Woodward
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/27012015/lng-ltd-4q14-highlights-118/