Page 9 - GLNG Week 09 2023

GLNG AMERICAS GLNG

First LNG exports from Mexico’s Altamira site

coming this summer, says New Fortress

MEXICO FIRST LNG from a floating liquefied natural However, the current timeline marks a delay
gas production (FLNG) unit offshore Altamira, from initial plans, in which New Fortress had
The first two trains are Mexico is expected to be achieved in July, man- hoped to finish construction on the first FLNG
80% finished. agement at New Fortress Energy revealed on unit in March.
February 28. The two FLNG units to be located offshore
The construction of the first of two “Fast Altamira are among the five FLNG units New
LNG” (FLNG) liquefiers is about 80% finished. Fortress is developing. The company also plans
The two liquefiers will possess a liquefaction to install one unit at the Pemex-operated Lakach
capacity of 1.4mn tonnes per year (tpy). New offshore gas field in the Gulf of Mexico about 90
Fortress is expected to source gas from the km from the Port of Veracruz in south-eastern
United States taking advantage of spare capacity Mexico. New Fortress also plans to install two
on the 2.6bn cubic feet (74.6mn cubic metres ) units to offshore Louisiana.
per day Sur de Texas-Tuxpan pipeline and then “As we add liquefaction capacity and corre-
liquefy the gas for re-export. sponding LNG supply to our portfolio, we intend
Upon completion of construction slated for to sign long-term customer offtake agreements
May, the first FLNG unit will then set sail in June that generate strong operating margins and sus-
for Altamira, with the first LNG achieved in July. tainable cash flows,” management said during a
In August commercial in-service is expected to fourth-quarter earnings call.
begin. New Fortress generated $546.4mn of reve-
“We’re less than 100 days away from our nue in the fourth quarter, a drop from $649mn
first FLNG setting sale to its home in Altamira, during the same period of 2021. However, total
Mexico,” said chief financial officer Chris- revenue for 2022 climbed to $2.37bn in 2022, up
topher Guinta during NFE’s fourth quarter from $1.32bn in 2021. Net income for the fourth
2022 earnings call. “With construction near- quarter of 2022 was reported as $66mn (31 cents
ing completion, we’re focused on installation, per share), which marked a drop from $151mn
commissioning and operational readiness,” he (73 cents per share) during the fourth quarter of
added. 2021. ™

Week 09 03•March•2023 www. NEWSBASE .com P9