ChevronTexaco and Cheniere finalise agreement for capacity at Sabine Pass LNG terminal
Posted: 13 December 2004
An affiliate of ChevronTexaco Global Gas and Sabine Pass LNG, L.P., a subsidiary of Cheniere Energy Inc announced they have finalized a 20-year agreement for 700 million cubic feet per day (mmcf/d) of reserved regasification capacity at Cheniere's Sabine Pass Liquefied Natural Gas (LNG) terminal. The agreement also includes options to reduce or expand capacity.
John Gass, president of ChevronTexaco Global Gas said, "This agreement is a significant milestone in achieving ChevronTexaco's strategy to create a high-impact gas business. Securing this capacity provides us with access to the key U.S. Gulf Coast market, which is critical to successfully commercializing our undeveloped natural gas resources."
Keith Meyer, president of Cheniere LNG, Inc, said, "Finalizing this agreement is yet another important development as we prepare to construct Sabine Pass. We welcome ChevronTexaco and we are proud to have this opportunity to work with them to satisfy our nation's need for new supplies of natural gas."
"ChevronTexaco is pursuing a portfolio of LNG terminal opportunities in North America to provide flexibility in delivering reliable and affordable supplies of clean natural gas to consumers. We look forward to working closely with Cheniere to ensure the success of this project," said Gass.
Currently celebrating its 125th anniversary, ChevronTexaco Corp is one of the world's leading energy companies. With more than 47,000 employees, ChevronTexaco conducts business in approximately 180 countries around the world, producing and transporting crude oil and natural gas, and marketing and distributing fuels and other energy products. ChevronTexaco is based in San Ramon, Calif.
Cheniere Energy, Inc. is a Houston-based developer of LNG Receiving Terminals and a Gulf of Mexico E&P company. Cheniere is developing Gulf Coast LNG Receiving Terminals near Sabine Pass in Cameron Parish, LA, in which it holds 100 per cent; near Corpus Christi, TX, in which it holds 66.7 per cent; and near the city of Cameron in Cameron Parish, LA in which it holds 100 per cent. Cheniere is also a 30 per cent limited partner in Freeport LNG Development, L.P., which is developing an LNG Receiving Terminal in Freeport, Texas. Cheniere conducts exploration for oil and gas in the Gulf of Mexico using a regional database of 7,000 square miles of PSTM 3D seismic data. Cheniere also owns 9 per cent of Gryphon Exploration Company, along with Warburg, Pincus Equity Partners, L.P. which owns 91 per cent.
More information on ChevronTexaco at www.chevrontexaco.com
More information on Cheniere Energy at www.cheniere.com
Posted by Richard Price,
Editor EnergyME.com
Information supplied by companies
or PR agencies who are responsible for content. Send press releases
to richard@energyme.com |
