THE WOODLANDS, Texas, May 2, 2013 (GLOBE NEWSWIRE) -- Excelerate Energy completed its front-end engineering and design (FEED) work for the 4.4 million tonne per annum (mtpa) dockside liquefaction facility to be located in the Texas Gulf Coast. The results from the FEED uphold the market validity of the export project as the site-specific study provides more accurate cost estimates and engineering documentation for the project. The study has determined the Lavaca Bay LNG facility will cost $2.4 billion dollars, which equates to a price of $540.00 per tonne of LNG produced.
"Now that we have more accurate costing from the FEED, we are able to finalize negotiations with our potential offtakers," stated Rob Bryngelson, President and CEO of Excelerate Energy.
Lavaca Bay LNG will require authorization from the Federal Energy Regulatory Commission (FERC) and has begun the FERC pre-filing process in October 2012. The facility is expected to be in-service in early 2018. Excelerate Energy has been granted permission to export to free-trade agreement (FTA) nations by the United States Department of Energy and filed for non-FTA approval in October 2012.
About Excelerate Energy
Excelerate Energy L.P. is a developer of LNG transportation and regasification infrastructure, a provider of LNG storage and regasification services, an importer of LNG and it recently entered into LNG production. Today, Excelerate Energy leads the industry in the development of innovative, flexible and less capital intensive floating LNG import solutions based on its dockside (GasPort®) and offshore (Gateway™) Energy Bridge shipboard regasification technology. The company also operates as a global LNG Marketing and Trading organization. Headquartered in The Woodlands, Texas, Excelerate has an established presence in London, Dubai, Kuwait City, Buenos Aires, and Rio de Janeiro. For more information, please visit www.excelerateenergy.com.
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