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Christi Expansion FID

According to Cheniere Energy’s board of directors announcement on June 22, the company declared the further expansion of its Corpus Christi, Texas. Moreover, the LNG plant could come sooner than expected due to the announcement of a final investments decision (FID) related to Stage 3 Liquefaction Project work at the export facility. 

It will ensure the capacity to ship 10-plus million tonnes per annum (mtpa) from 7 midscale trains. Furthermore, Tudor Pickering, Holt & Co. (TPH) declared on June 23, that the possible ultimate capacity of the facility could be in the 11-12 mtpa range given 10.7 mtpa of long-term contracts have been signed with companies such as CPC, PGNiG, Sinochem, Foran, ENGIE, Apache, EOG and ARX CN.

Additionally, Cheniere announced two sale and purchase agreements (SPAs) with Chevron Corp.: Firstly, Chevron will obtain 1 mtpa of LNG from Sabine Pass Liquefaction LLC with deliveries considered to start in 2026. Deliveries will reach full capacity in 2027 and expire in mid-2042. 

Secondly, Chevron will obtain 1 mtpa of LNG from Cheniere Marketing LLC with deliveries considered to start in 2027 and continue for about 15 years. The purchase price for the LNG under both SPAs will be indexed to the Henry Hub price, plus a fixed liquefaction fee as Cheniere claimed.

In total, TPH analysts expect that 3.2 mtpa is available for a new project, roughly 60% conditional on a positive FID.

Thanks to these agreements with Cheniere, Chevron will be able to harness increasing U.S. natural gas production and Gulf Coast LNG export capacity to meet long-term demand for affordable, reliable, and ever cleaner energy. Cheniere’s contract with Chevron takes place just weeks after the company’s subsidiary Cheniere Marketing LLC signed a 15-year SPA with Norway’s Equinor ASA in a deal that would see the European company acquire 1.75 mtpa of LNG commencing in the second half of 2026.

It is important to note, that Sabine Pass LNG LP and Chevron agreed to terms for the early termination of their LNG terminal use contract in return for a lump-sum payment to be made by Chevron to Sabine Pass LNG during 2022. The end of the agreement depends on the consent of certain lenders to Cheniere Energy Partners, which is expected third-quarter 2022.

Cheniere looks forward to leveraging its market-leading LNG platform to explore opportunities to collaborate with Chevron on lower-carbon initiatives in the future. The Corpus Christi Stage 3 project is the second U.S. LNG export plant after the Venture Global LNG Plaquemines facility to get an FID this year.

Since the expansion will have been completed, Cheniere’s aggregate nominal production capacity will be increased to more than 55 mtpa by the end of 2025 compared to 45 mtpa now. It will become a part of the industry-wide decarbonization movement away from coal and oil as this allows Cheniere to provide the global market with additional low-carbon fuels. First exports from the facility are anticipated in 2025. 

Moreover, Cheniere announced that Bechtel Energy Inc. has received full notice to continue construction related to the project. Bechtel has already started early engineering, procurement, and other site work earlier this year under a limited notice to proceed.

Meanwhile, Cheniere Corpus Christi Holdings LLC (CCH), a wholly-owned subsidiary of Cheniere, closed an amended and restated $4 billion senior secured term loan due 2029 and an amended, extended, and upsized $1.5 billion working capital facility due 2027 a month ago. 

The company states that the expected cost to develop, construct, and place into service the Stage 3 LNG project, the associated pipeline extension, and other infrastructure at or near the project, and for related business purposes will be funded by about 50% of the borrowings under the loan, while Cheniere will fund the remaining costs on its own.

Additionally, Cheniere announced that it contributed its wholly-owned equity interests in Corpus Christi Liquefaction Stage 3 to Cheniere Corpus Christi Holdings, and merged the former into Corpus Christi Liquefaction, a subsidiary of Cheniere Corpus Christi Holdings, with Corpus Christi Liquefaction continuing as the surviving company.

Whether you are further interested in finding more about main midstream LNG exporters and their assets, please, contact our Houston sales office or SCHEDULE A DEMO to learn how Rextag can help you leverage energy data for your business. Tel. +1 713-203-3128 Email: treitmeier@hartenergy.com

13 years is not long enough: Glencore and Cheniere Sign Long-Term LNG Deal

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Texas Cheniere and Swiss Glencore had entered into a free-on-board agreement for approximately 0.8 million tonnes of LNG per annum, starting in April 2023 for 13 consecutive years. This SPA demonstrates the commercial momentum Cheniere has been enjoying and marks an important milestone, as the company lays the groundwork for a final investment decision on Corpus Christi Stage 3, which is expected to occur next year.

Baker Hughes To Help Driftwood Pipeline Decarbonize Its Lines 200 and 300 Projects

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According to a press announcement on June 29, Baker Hughes got a contract to supply electric-powered Integrated Compressor Line (ICL) decarbonization technology and turbomachinery equipment for an upcoming natural gas transmission project by a subsidiary of Tellurian Inc. – Driftwood Pipeline LLC. Driftwood Pipeline decided that the projects of Lines 200 and 300 would be situated in Beauregard and Calcasieu Parishes in southwest Louisiana and it will be the first time when Baker Hughes installs its ICL technology for pipeline compression in North America. Joey Mahmoud, president of Tellurian Pipelines, says the company expects that the project will give upwards of 5.5 Bcf of natural gas every day, with virtually no emissions. As a part of the agreement, Tellurian makes the initial $240 million pipeline investment as part of the broader Driftwood Pipeline system, which will keep enhanced supply reliability to meet the area’s projected industrial enlargement in a purer, more sustainable way. Baker Hughes has installed over 50 ICL units across the different pipeline and offshore applications, mainly in Europe. The compressors exert a reduced environmental footprint because their hermetically sealed casing prevents emissions from obviating. It is important to mention, that they require minimal downtime as magnetic bearings are resulting in more efficient operations and low maintenance.

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According to a press announcement on June 29, Baker Hughes got a contract to supply electric-powered Integrated Compressor Line (ICL) decarbonization technology and turbomachinery equipment for an upcoming natural gas transmission project by a subsidiary of Tellurian Inc. – Driftwood Pipeline LLC. Driftwood Pipeline decided that the projects of Lines 200 and 300 would be situated in Beauregard and Calcasieu Parishes in southwest Louisiana and it will be the first time when Baker Hughes installs its ICL technology for pipeline compression in North America. Joey Mahmoud, president of Tellurian Pipelines, says the company expects that the project will give upwards of 5.5 Bcf of natural gas every day, with virtually no emissions. As a part of the agreement, Tellurian makes the initial $240 million pipeline investment as part of the broader Driftwood Pipeline system, which will keep enhanced supply reliability to meet the area’s projected industrial enlargement in a purer, more sustainable way. Baker Hughes has installed over 50 ICL units across the different pipeline and offshore applications, mainly in Europe. The compressors exert a reduced environmental footprint because their hermetically sealed casing prevents emissions from obviating. It is important to mention, that they require minimal downtime as magnetic bearings are resulting in more efficient operations and low maintenance.

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On 27 June, the analysts at Kpler spread the word that the exports of crude oil from the U.S. Gulf Coast could break a record 3.3 MMbbl/d this quarter as Europe has regard to U.S. crude which can outweigh sanctioned Russian oil. Due to Washington's decision to release 180 MMbbl of oil from the nation's Strategic Petroleum Reserve, U.S. exports have increased in the last three months, as it has flooded the domestic market. Exports to Europe are anticipated averaging approximately 1.4 MMbbl/d this quarter, about 30% higher than the year-ago quarter, meanwhile, export to Asia is set to decrease to less than 1 MMbbl/d. Despite that the U.S. has lost about 1 MMbbl/d of refining capacity since 2020, it also boosted exports thanks to the government’s intervention to back crude supplies which has had consequences in growth in exports. Throughput via the Port of Corpus Christi has grown by more than 150,000 bbl/d and has become 1.86 MMbbl/d. Nevertheless, Port of Houston exports also have been increasing since the third quarter of last year, they remain below pre-pandemic levels.

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Earthstone Energy Inc., based in Texas, announced the transaction on June 28: the acquisition of Titus Oil&Gas which will raise production in the Delaware Basin by 26%. The $627 million acquisition fills the Permian Basin in Eddy and Lea counties, N.M. with 86 net locations on 7,900 net acres of leasehold, while it is not clear how much of the leasehold might be on federal acreage It is Earthstone’s seventh acquisition since 2021, a span that includes the closing of approximately $1.89 billion in acquisitions in the Permian Basin. The purchase of Titus Oil & Gas Production LLC and Titus Oil & Gas Production II LLC, privately held companies backed by NGP Energy Capital Management LLC, is estimated at $575 million in cash and it is the equivalent of $52 million in stock (3.9 million shares of its Class A common stock based on the June 24 closing price). Titus shared that its net production in June was 31,800 boe/d. The company had reserves of approximately 28.9 MMboe. Earthstone is sure its net production will increase, at the midpoint, by 20,500 boe/d (65% oil) in the fourth quarter.

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