Image by David Mark from Pixabay

This is an oil terminal with an attached vessel. Use your imagination to see this as an LNG terminal with LNG carrying vessels attached.

New Fortress Energy Inc. has filed applications for the first floating liquefied natural gas terminal, which would be built 16 miles off the coast of Grand Isle. The liquefaction hub would ship about 2.8 million tons of LNG per year and employ about 150 people. It will cost between $1.2 billion and $1.7 billion to build. New Fortress hopes to begin operations in the first quarter 2023. Wes Edens, the billionaire who founded Fortress Investment Group and owns the NBA’s Milwaukee Bucks, said the terminal will pair the latest advancements in liquefaction technology with existing offshore infrastructure. This results in an offshore terminal that costs about 30% to 50% less to build that can be done in a fraction of the time as a standard LNG facility. “With rapid deployment, this project can play a significant role in supporting our nation’s commitment to our European allies and their energy security as well as support our efforts to reduce emissions and energy poverty around the world,” Edens said.

To start next year means this will be modular units that can be taken offshore and them put together. How long and where will the pipelines be? The company has other plants.

New Fortress operates LNG import terminals in Puerto Rico, Jamaica and Brazil and a liquefier in Miami. The company is developing LNG import facilities in Mexico, Ireland and Sri Lanka. The company has filed applications to build and operate the Grand Isle terminal with the U.S. Maritime Administration, the U.S. Coast Guard and the U.S. Department of Energy. Fortress estimates it will take about 10 months to obtain the necessary permits. In the meantime, the company is assembling modular equipment for the floating terminals. New Fortress would not disclose if it has a buyer yet for the LNG that would be exported from the terminal.

No buyers? Think Europe!

Want a floating LNG terminal? One is coming.
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