NEW FORTRESS ENERGY INC.

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Latest Venture Global LNG deals advance second Louisiana facility

05/12/2022 | 05:31pm EDT

HOUSTON, May 12 (Reuters) - Two long-term supply deals struck this week by liquefied natural gas developer Venture Global LNG put its second Louisiana LNG facility on the verge of construction and financing approval, analysts said.

Supply deals - with Exxon Mobil and Malaysian state-oil firm Petronas - secured buyers for 80% of the plant's projected 20 million tonnes per annum (MTPA) capacity, a milestone that often triggers the major financial commitment known as FID.

"Eighty percent is a good number for Venture Global to authorize FID," said Ben Chu, head of trading analytics and proprietary data, natural gas at consultants Wood Mackenzie. The company took FID on its first plant at about the same share, he said.

A Venture Global LNG spokesperson declined to comment. In March, the company said the FID and project financing would come "soon."

The Petronas and Exxon Mobil contracts follow purchase agreements with China Petroleum & Chemical, Shell , and New Fortress Energy for the plant.

Early work on the Plaquemines LNG plant, which is located about 20 miles (32 kilometers) south of New Orleans, began last year. Venture Global LNG targets first export of LNG from the site by the end of 2024, according to a federal filing.

Venture Global LNG plants are designed with modular liquefaction units prebuilt in factories and put together onsite to expedite construction.

It has proposed four LNG facilities in Louisiana.

(Reporting by Marcy de Luna in Houston; Editing by Lisa Shumaker)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
EXXON MOBIL CORPORATION -1.97% 83.2499 Delayed Quote.38.60%
LONDON BRENT OIL -4.43% 100.45 Delayed Quote.46.07%
NEW FORTRESS ENERGY INC. -7.50% 36.95 Delayed Quote.65.66%
S&P GSCI NATURAL GAS INDEX -0.09% 258.3576 Real-time Quote.53.62%
TERRA TOKEN (LUNA/USD) -3.96% 2.158 End-of-day quote.-97.65%
WTI -3.12% 98.395 Delayed Quote.46.49%
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Sales 2022 2 040 M - -
Net income 2022 115 M - -
Net Debt 2022 4 397 M - -
P/E ratio 2022 72,7x
Yield 2022 1,01%
Capitalization 8 300 M 8 300 M -
EV / Sales 2022 6,22x
EV / Sales 2023 3,88x
Nbr of Employees 671
Free-Float 45,3%
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Wesley Robert Edens Chairman & Chief Executive Officer
Christopher S. Guinta Chief Financial Officer
John Joseph Mack Independent Director
Desmond Iain Catterall Independent Director
David J. Grain Independent Director
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