Page 13 - NorthAmOil Week 42

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NEWS IN BRIEF
NorthAmOil
subject to customary closing conditions, including expiration or termination of applicable regulatory waiting periods. The terms of the transaction are not being disclosed.
Barclays served as exclusive financial adviser to Basalt and Vinson & Elkins served as its legal adviser. RBC Capital Markets served as exclusive financial adviser to Third Coast and Orrick served as its legal adviser. BASALT INFRASTRUCTURE PARTNERS II GP, October 17, 2019
DOWNSTREAM
Department of Energy
authorises LNG exports
from the Venture Global
Plaquemines project
Today, the US Department of Energy
(DoE) issued an order to Venture Global Plaquemines LNG, approving exports of domestically produced liquefied natural gas (LNG) from the Plaquemines LNG Project. The project will be located on the Mississippi River, in Plaquemines Parish, Louisiana approximately 20 miles from the Port of New Orleans.
“The increase in LNG infrastructure projects in the US has been astounding to watch,” said Secretary of Energy Rick Perry. “Projects like Venture Global’s Plaquemines create well-paid, American jobs and have changed the game in sharing the benefits of US LNG with our allies around the world. I am glad the Department is doing our part to empower the Plaquemines project and other energy infrastructure to progress quickly.”
Under the order signed today, Plaquemines LNG will have authority to export up to
3.4bn cubic feet per day of natural gas as
LNG from the proposed Plaquemines LNG project. Plaquemines LNG is authorised to export this LNG by ocean-going vessel to any country with which the United States does not
have a free trade agreement (FTA) requiring national treatment for trade in natural gas, and with which trade is not prohibited by US law or policy. The Federal Energy Regulatory Commission (FERC) authorised Plaquemines LNG to site, construct, and operate the Plaquemines LNG project on September 30, 2019.
Including today’s announcement, DoE has approved 38.06 bcf per day of exports in the form of LNG and compressed natural gas to non-FTA countries. Of this approved amount, approximately 15 bcf per day of export capacity is in various stages of operation and construction across eight large-scale export projects. Among the LNG export projects currently under construction is Venture Global’s Calcasieu Pass project, which recently reached a final investment decision after having received its final regulatory approvals from the Federal Energy Regulatory Commission and DoE earlier this year.
US DEPARTMENT OF ENERGY, October 16, 2019
ClearSign Combustion
receives engineering order
from ExxonMobil
ClearSign Combustion, an emerging leader
in industrial combustion technologies that improve energy and operational efficiency while dramatically reducing emissions, announces that the company has received a Purchase Order from ExxonMobil to perform early engineering and installation planning regarding a trial installation of the company’s ClearSign Core process burners at one of their Gulf Coast refineries.
This order is the next step in the process for the Company to showcase ClearSign
Core technology’s best-in-classNOx
emissions and for ExxonMobil to assess applicability across its process heater fleet. The engineering follows the previously announced qualification program that the Company performed at their State-of-the-Art Seattle R&D facility. That testing was an evaluation
over a broad range of typical conditions, including variations in fuel heating values, turndown, and excess air.
“We are delighted and encouraged by this highly significant order, and the ongoing engagement and interest from ExxonMobil,” said Jim Deller, Ph.D, CEO of ClearSign. “This engineering order is one of the final steps prior to qualifying our ClearSign Core process burner technology for use in an ExxonMobil refinery, and is a significant milestone for our company in the process of demonstrating our technology with a supermajor at their facility. This is a culmination of months of thorough evaluation and co-ordination between our team and the Research and Engineering team at ExxonMobil. The specific site and location has been selected and we look forward
to continuing to support ExxonMobil’s evaluation of our ClearSign Core technology.” CLEARSIGN COMBUSTION, October 18, 2019
SERVICES
McDermott International Enters into agreement for up to $1.7bn of new financing
McDermott International today announced that it has entered into an agreement with certain of its secured lenders under which the company will have access to up to $1.7bn of additional financing, including letter of credit capacity. Under the terms of the Agreement, McDermott will have immediate access to $650mn of financing comprised of $550mn under a term loan facility and $100mn under a letter of credit facility, before reduction for related transaction fees and expenses.
The company expects to utilise the amounts available under the agreement to finance working capital and support the issuance of required performance guarantees on new projects.
“This new credit agreement is a continued signal from our lenders that they support McDermott, our underlying business, growth strategy and ability to achieve a long-term balance sheet solution,” said David Dickson, president and chief executive officer of McDermott. “The agreement provides near- term liquidity for the company to manage working capital and provide performance guarantees on expected new awards. We remain focused on serving our customers’ needs, supporting our dedicated employees and maintaining our valued relationships
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