Expanding Under Construction:
LNG Terminals
Building on the success of our Under Construction product in the power sector, we've expanded our analysis to encompass liquefied natural gas (LNG) terminals. Our initial list leveraged a recent FERC document outlining existing, approved, and proposed LNG export terminals in the US
Link to FERC document
Through preliminary research and a comparison of recent satellite imagery with historical photos, we've determined that most proposed terminals haven't begun substantial construction. Until we observe significant construction activity on-site, the earliest these terminals could be operational is four years from the initial signs of construction.
This timeframe aligns with industry trends. As noted in a report by Global Energy Monitor Link to report, constructing an LNG export terminal in the US typically takes several years. The specific timeline can vary depending on the project's unique characteristics.
1) Calcasieu Pass LNG
Maybe some new land clearing/ construction top right of image. The project never went to FID but could be sold to someone else who would take it to FID.
Source: https://venturegloballng.com/press/venture-global-announces-final-investment-decision-and-financial-close-for-calcasieu-pass-lng/ (Venture Global announces FID)
https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/construction-of-calcasieu-pass-lng-progresses-on-aggressive-schedule-59222754 (June 26, 2020 – Project on schedule)
6/14/2024
2) Cameron LNG / No construction
Source: https://www.enerdata.net/publications/daily-energy-news/jgc-wins-epc-order-expand-12-mtyear-cameron-lng-plant-us.html (April 11, 2022 Group aims to start expansion construction April 2023 and to complete the project in the third quarter of 2027 – unlikely to meet this deadline given image below)
6/14/2024
3) Commonwealth LNG / No construction
Source: https://commonwealthlng.com/project/ (FID targeted for 2025)
6/16/2024
4) Corpus Christi LNG / No visible changes
Source: https://lngprime.com/americas/chenieres-corpus-christi-lng-expansion-project-almost-53-percent-complete/107055/ (March 11, 2024 project almost 53% complete – perhaps need a better GPS coordinate)
6/9/2024
5) Driftwood LNG / New land cleared, new structures
Source: https://lngprime.com/americas/tellurian-updates-on-driftwood-lng-construction-work/112754/ (May 21, 2024 FID expected in 2024)
6/13/2024
6) Eagle LNG / Eagle LNG
Source: https://www.jaxdailyrecord.com/news/2023/may/30/eagle-lngs-jacksonville-operation-key-to-caribbean-market-expansion/ (May 30, 2023 Company seeks Federal Regulatory Approval to complete construction)
5/7/2024 – All images in June cloudy, May images dark – will continue to monitor
7) Freeport LNG / No expansion visible
Source: https://lngprime.com/americas/freeport-lng-gets-more-time-to-build-fourth-train/63867/ (October 17, 2022 extension granted, train 4 expected August 1, 2028)
6/6/2024
8) Golden Pass LNG / Potentially 3 trains in center
Source: https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/natural-gas/120623-exxonmobil-pushes-back-timeline-for-startup-of-golden-pass-lng (December 6, 2023 Expected start in 2025)
6/14/2024
Vulcan High-Resolution Imagery: Golden Pass LNG
At a client's request, we obtained a high-resolution image of the Golden Pass LNG terminal. Vulcan clients can request and receive similar high-resolution imagery for their own analysis. Notably, the higher resolution image reveals clear evidence of construction progress on additional trains at the terminal.
Notably, the higher resolution image reveals clear evidence of construction progress on additional trains at the terminal.
9) Gulf LNG / No construction
Source: https://lngprime.com/americas/kinder-morgan-secures-more-time-for-gulf-lng-export-project/113079/ (May 24, 2024 Extension to finish construction by July 16 2029)
6/14/2024
10) Lake Charles LNG
(Lake Charles for now is a brownfield regas project, with no FID on the export project)
Source: https://lngprime.com/lng-terminals/energy-transfer-eyes-lake-charles-lng-fid-in-q2-2024/96483/ (Energy Transfer nearing FID)
6/14/2024
11) Magnolia LNG / No construction
Our research shows this project is cancelled.
Source: https://www.reuters.com/business/energy/glenfarne-set-decide-build-texas-lng-export-plant-2023-2023-04-24/ (April 24, 2023 Glenfarne to make FID in 2023, unable to confirm cancellation)
6/14/2024
12) Plaquemines LNG
Only partial image but shows some construction
Source: https://www.reuters.com/business/energy/venture-global-lng-go-ahead-with-phase-2-plaquemines-la-export-plant-2023-03-13/ (March 13, 2024 phase 2 FID secured)
https://www.1012industryreport.com/oil-gas/lng/venture-global-plaquemines-lng-to-start-production-in-mid-2024/ (April 30, 2024 Production to start in mid-2024)
6/13/2024
Vulcan Under Construction Analysis for Power Plants:
Our scan of 116 weekly power projects shows changes to 5 plants. Next week we will discuss more about those five plants.
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