New Fortress’s Mega Plan
New Fortress Energy, a worldwide energy infrastructure firm headquartered in the United States, has applied for permits to develop and launch an overseas oil and natural gas liquefaction plant in the US Gulf of Mexico.
The project announced at the end of March 2022 would be placed sixteen miles from the shore of Louisiana. The project aims to export more than 145 billion cubic feet of natural gas per year. This equates to 2.8 million tons of LNG per year (MTPA).
Mr. Wes Edens, the CEO and chairman of New Fortress Energies, described the project as a significant step forward in expanding the company’s Fast LNG portfolio of projects. A large portion of the portfolio comprises tolling liquefaction for credit-worthy partners such as ENI and market volumes from merchant assessments, such as the current project. Moreover, the Chairman and CEO assert that, with rapid development, the project will be able to play an essential role in supporting America’s dedication to her European allies and their energy independence, as well as in supporting America’s efforts to curb global emissions and energy poverty throughout the world.
New Fortress hopes to offer more LNG quantities to the EU through their ‘Fast LNG’ liquefaction design, assisting Europe in reducing its dependency on Russian fossil fuels and providing a relatively low carbon alternative to petroleum fuels with this design.
The business expects to commence operations in the first third of 2023, assuming that all necessary permissions and approvals are obtained on time.