Cheniere Energy Inc. (LNG) told federal regulators Tuesday that
construction is ahead of schedule on what would be the first liquefied natural
gas export terminal in the lower U.S.
Cheniere, which in April gained complete federal approval for its project to
export 2.2 billion cubic feet of gas a day from a terminal on Louisiana's Gulf
Coast, is currently the only company in the lower 48 U.S. states to hold
government permits to export LNG to countries not part of U.S. free-trade
agreements. A boom in natural gas production in the
U.S.
led
to a supply glut that sent prices to a decade-low earlier this year and made
U.S.
natural gas attractive to buyers in
Asia
and
Europe
,
where gas prices are much higher.
In its October monthly progress report with the Federal Energy Regulatory
Commission, Cheniere said construction was six months ahead of contracted
schedule for the
Sabine
Pass
export terminal's Train 1, a liquefaction unit originally scheduled to open in
early 2016. Construction was 11 months ahead of schedule for Train 2, which had
been slated to start operating in early 2017. Overall, the project is nearly
15% complete.
"We're targeting LNG production at year end 2015," a Cheniere
spokesman said.
Cheniere expects to start construction of two additional trains in 2013. The
Houston-based company has said it is also looking into the possibility of
adding a fifth and sixth train to its plans for
Sabine
Pass
,
which would bring the site's total liquefaction capacity to about 3 billion
cubic feet of gas a day.
Companies seeking to cash in on the low
U.S.
natural gas prices have filed 18 LNG export permit applications with the
Department of Energy. The government agency suspended further permit approvals
earlier this year pending a study on possible economic impacts of shipping
natural gas overseas.
Cheniere
shares closed up 2.2% at $15.62.