ConocoPhillips seeks permit for LNG terminal
Wednesday, January 19, 2005 6:05:38 PM
afxpress.com
DALLAS (AFX) -- ConocoPhillips is seeking U.S. Coast Guard approval to build a liquefied natural gas terminal in the Gulf of Mexico as part of its effort to meet global gas demand, the company said Wednesday. The proposed terminal would be located 56 miles south of Louisiana's coast with a throughput capacity of 1.5 billion cubic feet a day, said the Houston-based integrated oil company
Construction could begin late next year and would take about four years to complete. The first delivery of LNG to the offshore terminal could take place in 2010, ConocoPhillips said. The company is also developing or has proposed other terminals in Freeport, Texas, and off the Alabama coast. Shares of ConocoPhillips were last at $90.20, up 8 cents
In December, U.S. regulators gave Cheniere Energy the go-ahead to build the Sabine Pass LNG terminal. The offshore Louisiana facility will have capacity to receive 2.6 billion cubic feet of fuel a day. Liquefied natural gas, formed when natural gas is cooled to 260 degrees below zero Fahrenheit, shrinks to occupy 600 times less space than its gas form, making it easier to transport in tankers. The LNG is returned to its natural state at the terminals and pumped into U.S. pipelines. The United States imported a record 507 billion cubic feet of LNG in 2003, and imports for the first 10 months of 2004 rose by roughly 30 percent to 547.2 billion cubic feet, according to Energy Department data.
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