New York-based Glenfarne Group is looking to take final investment decisions on two of its planned US LNG export projects this year.
The company is developing the 4 mtpa Texas LNG project. Earlier this year, the firm said it had expected to take FID to build the facility in 2022 and to start commercial operations in 2026.
In addition, Glenfarne is working on the Magnolia LNG project in Lake Charles, Louisiana, which this week won an approval from the US DOE to export an additional 0.8 mtpa of LNG to non-FTA countries.
This allows Magnolia to export its total volume of 8.8 mtpa of LNG to non-FTA countries, Glenfarne said in a statement issued after the approval on Wednesday.
The firm said FIDs on both of its projects would accelerate the supply of additional LNG capacity to the global market at a time when “significant volumes are needed due to geopolitical disruptions and the increasing demand for cleaner energy sources.”
US LNG exports to Europe have been constantly rising during the last months.
As part of a recent deal, the US said it would work to supply at least 15 billion cubic meters (bcm) of LNG to European Union markets this year, as the EU looks to slash dependence on Russian gas.
Glenfarne confirmed it still expects to decide on Texas LNG this year but it may do the same for the Magnolia project as well.
“Magnolia LNG has a stated FID target of 2023 intended to meet Glenfarne’s internal LNG import terminal projects’ demand,” Glenfarne’s CEO and founder, Brendan Duval, said in the statement.
“However, based on Magnolia’s fully permitted position, engineering status, and current market dynamics, we have fielded inquiries to announce FID in 2022, which we are seriously considering,” Duval said.