ExxonMobil Proposes LNG Terminal
Thursday January 15, 3:47 pm ET
Source: Exxon Mobil Corporation
IRVING, Texas--(BUSINESS WIRE)--Jan. 15, 2004--An Exxon Mobil Corporation (NYSE:XOM - News) affiliate, Vista del Sol LNG Terminal LP, has announced plans to develop a $600 million Liquefied Natural Gas (LNG) receiving terminal along the Gulf Coast of Texas.
The proposed project, to be located in San Patricio County about two miles west of Ingleside, Texas, was announced today at an event attended by Texas Governor Rick Perry, Consul General of the State of Qatar Mohamed Al-Hayki, local business and government officials, and representatives of ExxonMobil.
The terminal, which will process imported LNG for distribution throughout Texas and the United States, should take about three years to build and involve employment for some 600 workers during peak construction. The facility is expected to be operational in the 2008/09 timeframe, with a processing capacity of 1 billion cubic feet per day (bcfd) of LNG.
Late last year, ExxonMobil initiated the permitting process for the Vista del Sol project with the Federal Energy Regulatory Commission (FERC), an undertaking that involves numerous engineering design, safety, environmental and other studies that typically lasts about 18 months. Prior to the initiation of the permitting process, the Port of Corpus Christi Board of Commissioners voted unanimously to support the project.
In November, the company via an affiliate, Golden Pass LNG Terminal LP, entered the FERC permitting process at another Texas site, Sabine Pass, located 10 miles south of Port Arthur.
"Texas and the United States need secure supplies of natural gas to attract industries, assure development and to continue the strong economic growth we're experiencing in our state and throughout the nation," said Governor Rick Perry speaking at today's event. "This project will bring jobs and other economic benefits to San Patricio County and the greater Corpus Christi area, and will provide long-term supplies of natural gas for our industries, power plants and homes. We support ExxonMobil's efforts to bring another important LNG project to Texas."
Philip Dingle, president of ExxonMobil Gas and Power Marketing Company, said, "This is another important step in our plans to develop LNG receiving terminals on the U.S. Gulf Coast. There is strong growth in natural gas demand projected in the future, and the import of LNG will be an important component of the supply mix. We appreciate the continued commitment of Governor Perry, Texas Railroad Commission Chairman Victor Carrillo, State Senator Judith Zaffrini, State Representative Gene Seaman, San Patricio County Judge Simpson, the Port of Corpus Christi Board of Commissioners and other state, local and civic leaders who are working with us to bring this LNG project to San Patricio County. This project will help support economic development in South Texas and the U.S."
In October, Exxon Mobil Corporation and Qatar Petroleum announced a Heads of Agreement to supply 15.6 million tons a year of LNG (2 bcfd) from Qatar to the United States for an expected period of 25 years.
CAUTIONARY STATEMENT: Estimates, expectations, and business plans in this release are forward-looking statements. Actual future results, including project plans, capacities, costs, and schedules, could differ materially due to changes in market conditions affecting the oil and gas industry, political developments, the outcome of commercial negotiations, technical or operating factors, and other factors discussed under the heading "Factors Affecting Future Results" included in Item 1 of ExxonMobil's most recent Form 10-K and posted on our website (www.exxonmobil.com). Gas underlying quantities of LNG referenced in this release include amounts not yet classified as proved reserves but that we believe will be produced in the future.
Contact:
ExxonMobil
Bob Davis, 713-656-4376
Source: Exxon Mobil Corporation |
