Updated Aug 22, 2024
8/22/24
NextDecade Corp. CEO Matt Schatzman said this week that the U.S. Court of Appeals for the District of Columbia Circuit’s decision vacating FERC authorization for its Rio Grande LNG project sets a dangerous precedent. The company, he said, is prepared to take “any and all available legal and regulatory actions” to ensure the project isn’t delayed.
While U.S. LNG supply is poised to skyrocket by the end of the decade, little new export capacity will come online this year, and additional volumes are expected to climb slowly through next year and into 2026 as projects work through various setbacks.
Weekly natural gas cash prices sank as former Hurricane Debby curbed demand in the East and West Texas prices sank deeper into the negative.
The Rio Grande and Texas LNG projects are potentially facing lengthy delays after a federal appeals court on Tuesday vacated their FERC authorizations, effectively leaving them without a key approval to move ahead with construction and operation.
No. 1: The European Union (EU) has approved a package of policies around the shipment of Russian LNG to member countries, marking the first official restrictions on natural gas from the country since the war in Ukraine began in 2022.
NO. 1: Saudi Arabian Oil Co., aka Aramco, has signed a tentative agreement to purchase 1.2 million metric tons/year (mmty) of LNG from NextDecade Corp.’s Rio Grande export project in South Texas.
Abu Dhabi National Oil Co. (Adnoc) has invested in the first phase of Rio Grande LNG and secured offtake from a future expansion as it looks to boost its international natural gas portfolio.
MPLX LP management said two strategic transactions announced in the first quarter would open the door to growth opportunities in the Marcellus and Utica shales and the Permian Basin.
TotalEnergies SE CEO Patrick Pouyanné said the firm is leaning on its already outsized role as a leader in U.S. LNG to expand its supply chain positions and grow its hub of natural gas projects centered in Texas.
As NextDecade Corp. progresses construction on the first three trains for its Rio Grande LNG project in Texas, it is working to firm up contracts for its second phase by the middle of the year.