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Excelerate Energy Inks Deal for ChevronTexaco to Market Regasified LNG

Excelerate Energy LP said last Monday it signed a sales agreement with ChevronTexaco Natural Gas to market regasified liquefied natural gas (LNG) that will be processed through Excelerate's Gulf Gateway terminal, the world's first offshore LNG terminal in the Gulf of Mexico. The inaugural cargo of 3 Bcf of LNG was expected to arrive at Gulf Gateway late last week, a company spokesman noted.

"ChevronTexaco's portfolio of current supply, transportation, storage and markets make the...energy company an ideal choice for Excelerate," said Excelerate Energy President Kathleen Eisbrenner.

The Gulf Gateway terminal is the only offshore LNG receiving terminal to be permitted and constructed under the Deepwater Port Act, and is the first new LNG import terminal to be built in the continental United States in more than 20 years.

In February, Excelerate Energy of The Woodlands, TX, completed construction of the Gulf Gateway deepwater port facility in West Cameron Block 603, which is located approximately 116 miles offshore Louisiana. The Gulf Gateway facility makes use of the Energy Bridge system, which will allow LNG to be vaporized onboard cargo ships and transferred directly into the Gulf of Mexico pipeline grid.

Excelerate's first Energy Bridge Regasification Vessel (EBRV), Excelsior, was delivered in January and the second vessel, Excellence, is scheduled for delivery in April, according to the company. It noted that the vessels are the first of their kind with the capability of onboard regasification.

Excelsior loaded its first LNG cargo in Bintulu, Malaysia, under a purchase agreement with ASEAN LNG Trading Co. on Feb. 14, Excelerate Energy said. The unique tanker will have the capability to discharge 500 MMcf/d of regasified LNG. Upon delivery of the cargo, the Gulf Gateway system will be commissioned and will begin operation.

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