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Jen Alic

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BG Group Gets US LNG Export Approval

BG Group (LON:BG) and Southern Union are the third to get the green light from the federal government to export LNG to all countries from a planned facility in Lake Charles, Louisiana.

On Wednesday, the US Department of Energy approved the group’s export plans and now they will just wait on approval from the Federal Energy Regulatory Commission (FERC) for terminal construction plans.

The State Department’s green light means that BG Group and Southern Union will be able to export 2 billion cubic feet of natural gas per day for 20 years.

Related article: This Week in Energy: Another move forward on US LNG exports

This is good news for Britain’s BG Group, but it’s not nearly as good as the deal it’s got in Equatorial Guinea, where, according to the Financial Post, the company’s 2004 contract is as good as it gets.

Essentially, according to the report citing anonymous sources, BG agreed to buy all of Equatorial Guinea’s LNG for 17 years and gets to keep almost all the profit for this gas, which it sells at five times the price in Asia.

It’s not a deal that anyone else is going to get ever again.

By. Jen Alic of Oilprice.com




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