New Fortress Energy Inc. has signed two long-term LNG supply agreements to support the company’s natural gas and electricity businesses in Puerto Rico, Mexico, and Nicaragua.
With these purchases and the previous purchases of LNG for the company’s Jamaican operations, NFE has purchased LNG volumes equal to about 80% of its expected needs across its current portfolio of terminals and assets.
“As a company, our goal is to match our LNG purchases as much as possible with our customer volumes, thus reducing our exposure to changes in the market price for LNG across our portfolio,” Wes Edens, New Fortress Chairman and CEO, said. “Approximately 70% of our gas contracts with our customers are indexed to Henry Hub and with the contracts signed today, we will match most of those volumes with these commitments that are also indexed to Henry Hub.”
The site is being developed by SOCAR and France’s Total and is part of Azeri plans to become a major gas exporter.
Multiple discoveries by Occidental in New Mexico’s Eddy County, EOG Eagle Ford, Permian Basin and Niobrara completions plus Exxon Mobil boosts the resource potential for its development offshore Guyana top drilling activity highlights from around the world in 2020.
An increase in field development sanctions and subsea tiebacks as well as better project economics are helping bring the subsea sector back to life.