SCT&E LNG’s ongoing push to establish a liquefied natural gas facility in Cameron Parish is garnering global attention. Earlier this week, the company was named a finalist for the CWC Asia Pacific LNG Innovation Award — an annual accolade given to a company for its commercial or technical contribution to the LNG industry in the Asia Pacific region.
If SCT&E were to win the award, it would become the second Southwest Louisiana company to receive the honor. Cheniere Energy’s Sabine Pass project won the award in 2012. The 2016 award candidates include oil giants like BP, Shell, Petronas, H Energy, SLNG, EDF, Santos and Pavilion.
SCT&E Chairman and CEO Greg Michaels said the nomination highlights the company’s commercial contributions to the LNG industry.
“It’s a great compliment and sign of respect when your innovation is acknowledged by your peers and competitors,” Michaels said. “This nomination and selection confirms that the global LNG industry values SCT&E LNG’s unique 20-year fixed-price LNG offering.”
SCT&E’s connections to Asia on a commercial scale can be traced back to 2015 when the company launched a campaign to woo potential off-takers and investors from Asia and Latin America. While Japan and South Korea are appealing to U.S. LNG developers, company officials said the demand for fuel is growing in areas like Southeast Asia.
This year alone, SCT&E has entered into agreements with several Asia-based companies, including a historic, long-term, multibillion-dollar agreement with the JOVO Group, a privately owned Chinese importer. The deal was the first of its kind between a domestic LNG developer and a private Chinese LNG terminal owner.
Michaels credited the company’s recent success to its unique corporate environment.
“The SCT&E LNG team operates as a cohesive family and is a very tight-knit group,” he said. “Our team is extremely passionate about this project and has believed from inception that we are going to successfully build it.”
Contrary to some of the other companies in the running for the award, SCT&E is self-funded, raises little equity, and officials said continues to reach certain business milestones quickly and efficiently.
Michaels said the company’s goals and financial incentives are in alignment with those investing in the project. SCT&E’s entire executive management team has personally invested in the project. And according Michaels, the business structure is one where the executives succeed only if the investors succeed.
Michaels said the response from offtakers on the company’s innovation, decisions and customer service has helped place the project ahead of others with more funding and longer histories.
“We have been vigilant in making sure that our assumptions are verified with our own money before asking others to take that risk. We are careful with our capital and understand what an important tool it is,” Michaels said. “We operate under a ‘waste nothing’ mentality and negotiate with every contractor aggressively.”
SCT&E’s terminal received a 30-year authorization in 2014 from the Department of Energy for the export of 1.6 billion cubic feet per day of natural gas, or 12 million tons per year of domestically produced LNG. Officials said it should be operational by 2021.
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