Freeport LNG sought permission from federal regulators on Monday to restart commercial operations at its long-idled liquefied natural gas (LNG) export plant in Texas, a move that could soon provide the world with another much needed source of the super-cooled fuel.
Freeport said it would appreciate an answer from FERC on Monday "if at all possible," as it was ready to restart liquefaction Train 2 now and expects to be ready to restart Train 1 in the next few weeks.
Gas flows to the plant were on track to reach 0.5 billion cubic feet per day on Monday, according to data provider Refinitiv, up from an average of 43 million cubic feet per day since federal regulators approved Freeport's plan toThat is still only a fraction of the 2.1 bcfd of gas Freeport can turn into LNG when operating at full power. One billion cubic feet of gas is enough to supply about 5 million U.S. homes for a day.
Despite the increase in feedgas flows to Freeport, U.S. gas futures fell about 5% on Monday, putting the contract on track to close at a 25-month low. That is because the gas market was more focused on a decline in domestic demand for the fuel for heating with the weather expected to remain mostly warmer than normal for the rest of February.On Saturday, Texas residents grilled U.S. energy regulators over their supervision of Freeport and other LNG plants.
Bryan Lethcoe, a regional director at the U.S. Pipeline Hazardous Materials Safety Administration , said it would take "That is similar to the "mid-March or later" timeframe many energy analysts have projected for Freeport's full return.
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