Delta Offshore Receives Investment Registration Certificate
LNGL also wishes to express gratitude to the members of the Bac Lieu Province People's Committee and the National Steering Committee on Vietnam's Energy Development for their approval of DeltaOE's IRC following the recent inclusion of the Bac Lieu Project in Vietnam's Power Development Plan 7 Revised (PDP7R).
LNGL and DeltaOE have signed a non-binding memorandum of understanding (MOU) for the delivery of 2 million tonnes per annum (mtpa) of U.S. liquefied natural gas (LNG) from Magnolia LNG (Magnolia) to the Bac Lieu Project.
DeltaOE is negotiating a 25-year power purchase agreement (PPA) with Electricity Vietnam Group (EVN) to underpin the Bac Lieu Project, and concurrently progressing a binding sale and purchase agreement (SPA) with LNGL for 2 mtpa from Magnolia. The SPA will (once agreed) remain subject to LNGL making a "Financial Investment Decision" as described in LNGL's announcement dated October 11, 2019.
LNGL Executive Chairman, Managing Director, and CEO, Greg Vesey commented: "With significant end-user LNG demand, Vietnamese and Southeast Asian customers are a major priority for LNGL, and we will continue our efforts to grow our potential commercial opportunities in the region beyond the existing MOU. Delta Offshore Energy is leading by example becoming the first registered energy infrastructure project in Vietnam to be fully supported through foreign direct investment, mainly from the United States. We remain very pleased to be part of this momentous undertaking."
To view the Delta release, please visit:
About Liquefied Natural Gas Ltd
- 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.
Liquefied Natural Gas Ltd