Excelerate Energy Receives Notice to Proceed from the Philippines for Floating LNG Terminal

THE WOODLANDS, Texas, Sept. 26, 2019 /PRNewswire/ -- On September 20, 2019, Excelerate Energy L.P. (Excelerate) received the Notice to Proceed (NTP) from the Philippine Department of Energy (DOE) to develop a floating liquefied natural gas (LNG) import terminal in the Bay of Batangas per the DOE's guidelines for "Rules and Regulation Governing the Philippine Natural Gas Industry." The project, Luzon LNG, will supply natural gas, sourced from LNG, to existing and new gas-fired power plants in the region that provide electricity to Luzon including the area of Metro Manila. This abundant and secure source of gas supply will augment the existing gas production from the domestic Malampaya fields, as reserves from these fields begin to deplete.

"We are pleased to have received this significant approval from the Government of the Philippines in supporting the country's long-term energy objectives – this is an important milestone to move the project forward," stated Excelerate Energy Chief Commercial Officer Daniel Bustos. "We look forward to working with the government and private sector for the successful completion of the project that will enable Excelerate to invest in critical infrastructure allowing the country to continue on its current path of tremendous economic growth."

The proposed project will be located offshore the city of Batangas to minimize the impact to the existing shipping traffic in the area and coastline. The terminal will utilize Excelerate's state-of-the-art offshore technology specifically designed to perform in extreme weather conditions, like those of the Philippines, and has been proven at Excelerate's operations in the Gulf of Mexico, the North Atlantic, Israel, and most recently, the Bay of Bengal.

"We commend the Government of the Philippines for requiring the structure of the project to include the challenging integration of LNG supply, technical procurement and implementation, and user agreements to the benefit of the country. Excelerate is the only company with the experience to deliver all that is required for this complex project – this will not be our first time," continued Mr. Bustos. "We are in the unique position to offer the most industry experience to the Philippines to deliver a safe, efficient, and reliable project."

Luzon LNG will combine all necessary elements to meet the region's natural gas requirements including a fully-integrated turnkey floating LNG terminal, arranging the necessary supply of LNG and distribution of natural gas to end-users across Luzon. Excelerate will develop, design, permit, construct, finance, and operate the terminal.

Following the NTP, Excelerate will seek the necessary permits and raise financing for the project.

About Excelerate Energy L.P.

Excelerate Energy L.P. is a US-based LNG company located in The Woodlands, Texas. Excelerate is owned by George B. Kaiser and is part of his energy group that also includes Kaiser Francis Oil Co, an E&P company with production in the U.S. and Canada along with significant midstream assets, and Cactus Drilling Co, the largest private drilling company in the US. Excelerate is the pioneer and market leader in innovative floating LNG solutions, providing integrated services along the entire LNG value chain with an objective of delivering rapid-to-market and reliable LNG solutions to customers. Excelerate offers a full range of floating regasification services from FSRU to infrastructure development to LNG supply. Excelerate has offices in Abu Dhabi, Buenos Aires, Chittagong, Dhaka, Doha, Dubai, Rio de Janeiro, Salem, Singapore, and Washington, DC.

SOURCE Excelerate Energy L.P.

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