Freeport LNG's long-idled LNG export plant in Texas was on track to receive no natural gas from pipelines on Feb. 7 after receiving small amounts over the past 12 days, Refinitiv Eikon data showed.
Since Jan. 26, when federal regulators approved the company's plan to start cooling some pipes, the plant has pulled in an average of 34 million cubic feet per day of pipeline gas.
That is a fraction of what it can pull in when operating at full power. Freeport can turn about 2.1 billion cubic feet of gas into LNG each day, which is about 2% of total U.S. daily gas production.
"We continue to progress our work towards the safe restart of our liquefaction facility," Freeport LNG spokesperson Heather Browne said in an email. The company had no comment on the gas flows to the plant.
Many analysts have said they do not expect the plant to return to full power until mid March or later. A couple of Freeport's customers - Japan's JERA and Osaka Gas - have said they do not expect to get LNG from the plant until after March.
Last week, Freeport told Texas regulators it would start sending gas to one of three liquefaction trains, which turn gas into LNG.
The plant, however, is waiting for permission from federal regulators to start loading LNG on ships to free up space in its storage tanks.
Freeport LNG Seeks US Approval to Restart Loading at Texas Export Plant
Freeport, the second biggest U.S. LNG export plant, shut after a fire in June 2022.
The energy market expects gas prices to rise once the plant starts producing LNG again.
But gas futures were trading near a 25-month low mostly because mild weather this winter has kept heating demand for the fuel low.
Federal regulators will hold a public meeting on Freeport on Feb. 11 to provide members of the community and other interested parties an opportunity to voice concerns about Freeport's restart plans and to receive an update on what is happening at the plant.
S&P Lowers Currency Ratings on Argentine Producers
2023-03-31 - S&P Global Ratings lowered the local and foreign currency ratings to ‘CCC-’ from ‘CCC+’ on Pampa Energia S.A., YPF S.A. and nine other entities, which all now have a negative outlook.
Energy Transition in Motion (Week of March 31, 2023): Advancing Projects, Investment
2023-03-31 - Here’s a look at some of this week’s renewable energy news, including plans to add offshore wind capacity globally.
Norway’s PGS Places $450 Million Bond
2023-03-31 - Norwegian marine geophysical company PGS ASA placed a new $450 million senior secured bond, which together with cash on hand will be used to repay the company’s B term loan.
Brad Gray on Diversified’s Strategy Past Appalachia [WATCH]
2023-03-30 - Diversified Energy’s Brad Gray sat down with Pietro Pitts at Hart Energy’s DUG Haynesville Conference in Shreveport to talk about what Diversified is doing to set itself apart from other E&Ps and future plans as the company expands outside of the Appalachian Basin.
SM Energy Announces $0.15/Share Quarterly Cash Dividend
2023-03-30 - SM Energy's board of directors announced the quarterly cash dividend of $0.15/share of common stock outstanding will be paid out to stockholders on May 5.