Pangea LNG Begins Seeking Regulatory Clearance For South Texas LNG Export Project

INGLESIDE, Texas, Nov. 29, 2012 /PRNewswire/ -- Pangea LNG (North America) Holdings, LLC today announced that it has begun the process of seeking approvals necessary to build a liquefied natural gas export facility on Corpus Christi Bay in South Texas.

Pangea has filed an application with the U.S. Department of Energy seeking authority to export up to eight million metric tons per year of liquefied natural gas to all current and future countries with which the U.S. has a Free Trade Agreement and intends to quickly file a similar application for LNG exports to any country with which the U.S. does not have a Free Trade Agreement in effect.

The project is located in the city of Ingleside on the La Quinta Ship Channel which is part of the Port of Corpus Christi. The project will be known as South Texas LNG Export.

South Texas LNG Export will be located on a portion of a 550-acre site which includes half a mile of frontage on the federally-maintained deepwater ship channel. Pangea has had the site under option since June. A separate pipeline project would connect the LNG plant to the extensive interstate and intrastate natural gas transmission pipeline network in South Texas.

Pangea LNG is an energy project and investment company involved in the development of LNG liquefaction and storage projects around the globe including an offshore floating LNG liquefaction project in the Eastern Mediterranean Sea.

John Godbold, project director for Pangea LNG, said an intensive project feasibility and preliminary design process is now underway on the South Texas project. The assessment is being conducted by CB&I, a leading international engineering, procurement and construction company.

The South Texas LNG Export project will require federal, state and local regulatory approval. The U.S. Federal Energy Regulatory Commission (FERC) is the lead agency in the permitting process. If this process moves forward on schedule the South Texas LNG terminal could be in operation by 2018.

Kathleen Eisbrenner, Pangea LNG's chief executive officer, said, "We expect there to be several successful LNG export projects on the Texas Coast in the coming years because of the large new natural gas reserves in North America. Exporting LNG will help stabilize U.S. natural gas prices, sustain drilling and production jobs in South Texas, and stimulate investment in developing additional gas reserves."

The South Texas project is the second LNG liquefaction project being developed by Pangea LNG companies. Levant LNG Marketing, a Pangea subsidiary, completed an extensive pre-FEED (preliminary front end engineering design), is finalizing commercial agreements and will start FEED engineering shortly on the Tamar Project which will export LNG from the Tamar and Dalit fields in the Eastern Mediterranean, 60 miles offshore from Israel. That facility will be a permanently moored offshore floating natural gas liquefaction vessel with onboard LNG storage. The self-contained operation will be the first floating LNG export project in the Mediterranean basin. A final investment decision on the Tamar Project is expected by the second half of 2013.

Additional Information

Pangea LNG (North America) Holdings, LLC is a Pangea LNG B.V. company. Pangea LNG B.V. is working on projects worldwide that have the potential to accelerate and support development of natural gas reserves. This is being achieved primarily through use of floating liquefaction vessel technology. Pangea LNG brings together a team that was responsible for generating the innovations that are at the foundation of the floating LNG sector. Pangea LNG B.V. is owned by NextDecade International, D&H Solutions AS and DSME. For more information, please visit www.PangeaLNG.nl.

SOURCE Pangea LNG B.V.