French engineering company Technip Energies has received permission to move forward with efforts to bring to life an LNG export project under development in Louisiana, US.
Previously, Technip Taqat Believer Prize from Commonwealth LNGwhich is being developed by cata company controlled by an energy-focused alternative investment manager Kimmeridgein connection with the issuance of purchase orders for major equipment needed for a 9.5 million tons per annum LNG facility in Cameron Parish, Louisiana.
The French player subsequently placed orders with industry giants, including Baker Hughes for six LM9000 gas turbine-powered hybrid refrigeration compressors; Honeywell to supply six main cryogenic heat exchangers; and solar turbines to provide four Titan 350 gas turbine generators.
Technip Energies has now secured a significant licence, representing revenues between €500 million and €1 billion, from Commonwealth LNG to further develop the LNG export facility, which is interpreted as representing an important step forward in the progress and path towards the project. Final investment decision (vid).
This was issued under the previous signature Engineering, Procurement and Construction (EPC) a contract. This award allows the French company to maintain critical activities and maintain strong project momentum ahead of the final investment decision, based on the previously announced mandate for major long-term equipment purchase orders.
Arnaud PeytonTechnip Energy CEO commented: “We are pleased to continue developing our work on the Commonwealth LNG project, preparing the project for a successful and timely investment decision.
“This new license represents a material step forward for the Commonwealth LNG project. It reflects confidence in the project’s fundamentals, implementation strategy, and long-term importance to global energy security.”
The project involves the delivery of six identical liquefaction trains, using Technip Energies’ modular and scalable SnapLNG by T.EN solution. The development of the first phase of the Commonwealth will cost $12.5 billion, and is expected to generate an estimated $3.5 billion in annual export revenue.
Several companies have entered into long-term sale and purchase agreements (SPA) to acquire the facility, including EQT LNG Trading Company, Glencore, Mercuria Energy Trading, Petronas LNGand Aramco Trading Americas.
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