Australia-listed Liquefied Natural Gas Ltd. said on Sept. 16 it signed a deal with a province in Vietnam to supply LNG from its Louisiana-based Magnolia project.
The Vietnam project includes an LNG import terminal, and a 32,000-megawatt combined-cycle power plant in the coastal province of Bac Lieu, where the Houston-based company will supply gas and Vietnam-based Delta Offshore Energy will generate electricity and sell it.
Two million tonnes of LNG per year will be supplied from its Magnolia project, which locks in a buyer for 25% of the supply from the project.
The deal comes at a time when LNG Ltd. has been struggling to lock in sales agreements for its Magnolia project due to the U.S. trade dispute with China, which has been seen as a key potential customer for U.S. LNG projects.
"Our alliance with LNG Limited will allow the Government of Vietnam to have a stronger relationship with the U.S. market," Delta Offshore Energy Managing Director Bobby Quintos said in a joint statement.
Pending government approvals, the project is expected to begin operations in 2023.
Recommended Reading
NOV's AI, Edge Offerings Find Traction—Despite Crowded Field
2024-02-02 - NOV’s CEO Clay Williams is bullish on the company’s digital future, highlighting value-driven adoption of tech by customers.
Hess Corp. Boosts Bakken Output, Drilling Ahead of Chevron Merger
2024-01-31 - Hess Corp. increased its drilling activity and output from the Bakken play of North Dakota during the fourth quarter, the E&P reported in its latest earnings.
The OGInterview: Petrie Partners a Big Deal Among Investment Banks
2024-02-01 - In this OGInterview, Hart Energy's Chris Mathews sat down with Petrie Partners—perhaps not the biggest or flashiest investment bank around, but after over two decades, the firm has been around the block more than most.
Petrie Partners: A Small Wonder
2024-02-01 - Petrie Partners may not be the biggest or flashiest investment bank on the block, but after over two decades, its executives have been around the block more than most.
Nebula Energy Buys Majority Stake in AG&P LNG
2024-01-31 - AG&P will now operate as an independent subsidiary of Nebula Energy with key offices in UAE, Singapore, India, Vietnam and Indonesia.