Magnolia LNG plans to use material dredged during construction of its natural gas export facility to restore Louisiana wetlands, according to a recent report.
The state Department of Natural Resources issued Magnolia a coastal use permit to allow for the dredging, the report said. Magnolia filed the report with the Federal Energy Regulatory Commission earlier this month.
The state permit authorizes Magnolia to dredge about 832,000 cubic yards of material during construction of the loading berth, transport it 2.5 miles via temporary pipeline and use the material to restore about 84 acres of wetlands within the Louisiana coastal zone.
The permit is just one step in a lengthy approval process that Magnolia must undergo before breaking ground. The company has secured 120 acres at the intersection of Henry Pugh Boulevard and Big Lake Road; contracted a company to build the facility; and completed most of the FERC process, officials have said.
Officials expect the project to consist of four LNG trains that will cool the natural gas into liquid form for transport around the world. Each train is expected to produce 2 million tons of LNG a year and up to $4.8 billion over 20 years.
Magnolia officials said in August that they expect final FERC approval by the end of 2016, along with approval from the Department of Energy to sell to countries without a free-trade agreement.
The biggest hurdle now is getting buyers for the offtake, considering the low price of oil and oversupply of LNG, Magnolia CEO Greg Vesey said in August. But he said the oversupply should correct itself by the time Magnolia starts exporting in about 2020.
Vesey visited Lake Charles in October to update shareholders on Magnolia LNG’s progress. He provided about 120 attendees with an overview of Magnolia’s optimized single mixed refrigerant technology — OSMR — which he said sets Magnolia apart from other planned LNG exporters.
Shareholders were able to ask questions and speak with Vesey and his team.
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