Yup siv understand folks concerns, hence shared insights.
One of the first rules of business is be respectful of your regulators. GV has already stated he won't be providing a running commentary on BTA/SPA negs, so why should FERC be any different? Those critical of PM should listen again to his informative comments at the AGM (unless of course they attended in which case they'd have spoken to him directly). Crass, ignorant comments by some here are contemptuous.
Today's HY report should make it abundantly clear where things stand (my emphasis):
The Magnolia LNG project enters 2017 shovel ready and first in-line to satisfy demand for new LNG supply. Our team is solely focused on completing our marketing of Magnolia LNG’s offtake capacity in order to take FID (a financial investment decision). The project has all required US Federal Energy Regulatory Commission (FERC) and US Department of Energy (DoE) permits and approvals, has construction price certainty through its industry competitive LSTK engineering, procurement, and construction (EPC) contract price with KSJV (a KBR – SKE&C joint venture led by KBR), certainty of gas supply, equity via a commitment from Stonepeak Infrastructure Partners, and a debt financing process led by BNP Paribas.
For LNG buyers attempting to determine which US greenfield LNG project is most likely to succeed and thus to contract with, you must look no further than Magnolia LNG. Once bankable offtake is sold, Magnolia LNG will move straight to financial close and construction. The project has no other obligations to meet. As LNG developments are considered, Magnolia LNG is the most viable greenfield liquefaction project in the world today.
No doubt this (the 10th) Monthly Status Report will repeat last month so whilst it can take a couple of months for an HOA to be signed with a non-FTA counterparty, I doubt we'll be waiting much longer for NTP.
BTAs
@Ylwvette is the main game in town and am reminded of that compelling chart someone shared recently showing an incredible similarity between LNG & Cheniere's sp performance.
So whilst we're head of the queue, imagine how long it will take for other, far less advanced projects to get FERC approval.
Cheer
