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Oil Faces Demand Risk Despite Supply Outages

Oil Faces Demand Risk Despite Supply Outages

Continuous supply outages continue to…

Driftwood Looks To Build A Nat Gas Terminal In Louisiana

Driftwood LNG plans to become the seventh company to build a natural gas terminal in the southwestern area of Louisiana, the Associated Press reported over the weekend.

The $8 billion project by Houston-based Tellurian Investments would be built on an 800-acre site located at Calcasieu Parish and on the west bank of the Calcasieu River. The Lake Charles Port Board has allegedly agreed to lease 477 acres of that site to Driftwood.

Of all the other LNG applicants in the area, only Cheniere Energy’s terminal at Sabine Pass is operational.

Driftwood, which was founded by former Cheniere CEO Charif Souki, last month filed a request with the Federal Energy Regulatory Commission (FERC) to commence an environmental review process for the project. The company anticipated producing and exporting 26 million tonnes per year of liquefied natural gas (LNG) at the planned facility.

Related: Russia-German Pipeline May Break Europe’s Energy Union

Driftwood also hopes to construct a 96-mile pipeline connected to the facility that would cross the Evangeline, Allen and Calcasieu parishes.

Earlier this month, natural gas futures jumped by six percent after supply gains fell below that anticipated by investors. Despite a 1.5 percent drop in gas output in the mainland U.S., at least 36.89 billion cubic feet of LNG was exported from Cheniere’s Louisiana terminal since February 2016.

By Erwin Cifuentes for Oilprice.com

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