"LNG projects must attain financial close, while buyers should consider the impact of future carbon regimes. At LNGL, we continually work to balance our desire for low capital and operating cost, high operating efficiency, and minimized environmental impact while focused on delivering projects that are financeable, benefit our customers long-term, and provide a reasonable return to our investors," stated Greg Vesey, LNGL Managing Director and CEO. "We stand by the complete transparency with which we describe our business and, pursuant to our three-path execution strategy, stand ready to assist other projects in the industry to reduce their excessive CO2 emissions by utilizing OSMR(R) as replacement of their selected, less environmentally friendly and operationally less efficient liquefaction technologies."
Magnolia LNG has the lowest notional CO2 emissions of the LNG projects as illustrated by the chart made a part of Driftwood LNG's Federal Energy Regulatory Commission (FERC) order. After adjusting for CO2 emissions arising from consumed power generation purchased from the power grid, Magnolia LNG also has the lowest CO2 emissions per ton of capacity. We highlight that the FERC chose to independently describe within Venture Global's Calcasieu Pass Final Environmental Impact Statement (FEIS) our OSMR(R) technology as producing 30% lower greenhouse gas emissions.
We recognize that the LNG industry is a contributor to GHG emissions, and we believe that informed consumers of LNG are focused on this aspect of the production process when making buying decisions. LNGL has seriously considered our impact on climate change and has acted on this consideration through smart design. Unfortunately, the same may not be said about some other projects, including many under development on the U.S. Gulf Coast.
For this reason, we have chosen to minimize our projects' contributions to climate change by:
1. Utilizing highly efficient and Greenpeace endorsed ammonia refrigerant, having zero global warming potential and zero ozone depletion potential, in our OSMR(R) process; thus, reducing the harmful environmental impacts that traditional propane coolant technologies introduce; and
2. Maximizing design attributes that reduce production of CO2 released into the atmosphere.
"Our focus on the full life-cycle environmental, operational, and financial aspects of our projects will continue. We urge the industry to consider all aspects of project development when making business decisions, regardless of whether it is buying or building LNG liquefaction capacity," added Vesey.
ABOUT MAGNOLIA LNG PROJECT
Magnolia LNG proposes to construct and operate up to four liquefaction production trains, each with a capacity of 2.2 mtpa or greater using the Company's patented OSMR(R) LNG process technology. Construction and operation includes two 160,000 m3 full containment storage tanks, ship, barge, and truck loading facilities, and supporting infrastructure. The LSTK EPC contract includes all elements of the project necessary to bring the facility into full guaranteed production operations. Magnolia LNG is fully permitted, having received its FERC Order and both FTA and non-FTA approval from the DOE. Final investment decision and initiation of construction is expected upon execution of sufficient offtake agreements to support financing.
About Liquefied Natural Gas Ltd
Liquefied Natural Gas Limited (ASX:LNG) (OTCMKTS:LNGLY) (LNGL) is an ASX listed company whose portfolio consists of 100% ownership of the following companies:
- Magnolia LNG, LLC (Magnolia LNG), a US-based subsidiary, which is developing an eight mtpa or greater LNG export terminal, in the Port of Lake Charles, Louisiana, USA;
- Bear Head LNG Corporation Inc. (Bear Head LNG), a Canadian-based subsidiary, which is developing an 8 – 12 mtpa LNG export terminal in Richmond County, Nova Scotia, Canada with potential for further expansion;
- Bear Paw Pipeline Corporation Inc. (Bear Paw), which is proposing to construct and operate a 62.5 km gas pipeline lateral to connect gas supply to Bear Head LNG; and
- LNG Technology Pty Ltd, a subsidiary which owns and develops the Company's OSMR® LNG liquefaction process, a midscale LNG business model that plans to deliver lower capital and operating costs, faster construction, and improved efficiency, relative to larger traditional LNG projects.
ContactMr. Micah Hirschfield
Sr. Manager, Communications and Investor Relations
Liquefied Natural Gas Limited
Mr. Andrew Gould
Joint Company Secretary
Liquefied Natural Gas Limited