ConocoPhillips is expected to work closely with Mitsubishi unit Sound Energy Solutions.
In a joint communiqué the two firms said, “The terminal [is] expected to start operating in 2008 upon permit approval from federal and state regulators and [will] have a send-out capacity of 700 million cubic feet of gas per day, with a peak capacity of 1,000 million cubic feet of gas per day.”
According to Mitsubishi, “The companies plan to invest between US$350 million and US$400 million to jointly build the terminal. The terminal [will] have a capacity to receive five million tonnes of LNG every year, which would be equivalent to about 10% of U.S. LNG demand.”
In figures recently released by the ASEAN Centre for Energy, US LNG imports are expected to hit 99 million tonnes per annum by 2025. In 2003, the US imported 11 million tonnes of LNG.
