Glenfarne’s Texas LNG pens new offtake deal

Glenfarne Group’s Texas LNG has signed a new heads of agreement to supply liquefied natural gas from its planned 4 mtpa LNG export terminal in the port of Brownsville.

According to a statement by Glenfarne, Texas LNG entered into the deal with a “top-tier credit-rated market participant” for a long-term LNG free-on-board sale and purchase agreement for 0.5 mtpa of LNG.

Glefane did not reveal the name of the buyer.

Texas LNG is in “advanced negotiations with several potential offtakers” for the remaining volume of the project, it said.

The company expects to begin construction in 2024.

Brendan Duval, Glenfarne’s CEO and founder and co-president of Texas LNG said, “this agreement positions Texas LNG on the verge of full sell out, and we look forward to finalizing our offtake partnerships in the near future.”

Glenfarne recently requested more time from the US FERC to build and place in service its Texas LNG export project.

Texas LNG seeks an additional five-year extension to complete construction and place the project in service until November 22, 2029.

In April, Texas LNG executed heads of agreements with EQT Corporation anticipating a definitive 15-year LNG tolling agreement, and with Gunvor for a 20-year LNG tolling agreement for part of the project’s capacity.

These two deals total 2.5 mtpa of LNG.

Besides these deals, Texas LNG also previously selected Swiss engineering group ABB and US energy services firm Baker Hughes to supply equipment for its LNG project. It also awarded a tugboat contract to Gulf LNG Tugs of Texas.

These partnerships total nearly one billion dollars of investment into the project, according to the firm.

Most Popular

Seapeak books $19.3 million charge as it lays off seafarers on steam LNG carriers

Stonepeak’s Seapeak booked $19.3 million of restructuring charges in the second quarter of this year, primarily due to laying off its Spanish seafarers working on steam LNG carriers.

Golar moving forward with new FLNG order

Floating LNG player Golar LNG is moving forward with its plans to order its fourth FLNG conversion. In order to secure "attractive" delivery, Golar plans to enter into slot reservations for long-lead equipment within the third quarter of this year.

Hanwha’s units, Kospo to jointly buy US LNG

South Korea's Hanwha Aerospace and Hanwha Energy, units of Hanwha, are teaming up with compatriot Korea Southern Power (Kospo) to jointly buy US liquefied natural gas (LNG) supplies.

More News Like This

Glenfarne still expects Texas LNG FID by end of this year

US energy firm Glenfarne confirmed it is targeting a final investment decision on its planned 4 mtpa Texas LNG export project in the port of Brownsville by the end of 2025 after the US FERC issued the final supplemental environmental impact statement for the project.

Thailand’s PTT, Glenfarne ink Alaska LNG cooperation deal

US energy firm Glenfarne has signed a cooperation agreement with Thailand's PTT for participation in the Alaska LNG project, including PTT's purchase of LNG over a 20-year term.

Glenfarne says more than 50 firms interested in Alaska LNG project

US energy firm Glenfarne said that over 50 firms have formally expressed interest in the Alaska LNG project, with a contract value exceeding $115 billion.

Glenfarne taps Worley for Alaska LNG pipeline gig

US energy firm Glenfarne has selected Australian engineering firm Worley to undertake additional engineering and prepare a final cost estimate for the Alaska LNG pipeline as it looks to achieve a final investment decision on the project.