The developer of a Gulf Coast liquefied natural gas (LNG) project that would be part of the so-called second wave buildout is seeking more time from FERC to build the export facility, citing difficulty in securing long-term offtake agreements with international customers.

New York City-based Glenfarne Group LLC told the Federal Energy Regulatory Commission on Friday that despite “diligent” efforts to develop the Magnolia LNG project, global market conditions have impacted its ability to secure long-term offtake contracts and achieve a final investment decision (FID).

“A short-term over-supply across the global LNG market, coupled with disruptions in the China-United States LNG trade and the ongoing Covid-19 pandemic, have delayed these offtake contracts and further delayed...