NextDecade Reducing CO2e Emissions by Optimizing Rio Grande LNG Project
July 14 2020 - 4:41PM
Business Wire
NextDecade Corporation (NextDecade or the Company) (NASDAQ:
NEXT) today announced the Company is optimizing its Rio Grande LNG
project (RGLNG). Throughout the course of its pre-FID development
activities, NextDecade has worked diligently to reduce the
environmental impacts of RGLNG.
The original front-end engineering and design for RGLNG was
based on six LNG trains each capable of producing 4.5 million
metric tonnes per annum (mtpa) of LNG for export. The technologies
that were selected and filed with the Federal Energy Regulatory
Commission (FERC) in 2015 and 2016 have evolved over the five-year
permitting period; the LNG trains are now more efficient and will
produce more LNG with lower total carbon dioxide equivalent (CO2e)
emissions. Multiple optimizations have been identified that will
lead to the delivery of a world-class LNG project capable of
producing 27 mtpa with just five LNG trains instead of six.
Implementation of these optimizations will result in several
environmental and community benefits when compared with
NextDecade’s original six-train project including (i) approximately
21 percent lower CO2e emissions, (ii) shortened construction
timeline for the full 27 mtpa project, (iii) reduced facility
footprint, and (iv) an expected reduction in traffic on
roadways.
“This is an extremely positive development for all of our
stakeholders, as the environmental benefits from these
optimizations are significant,” said Matt Schatzman, NextDecade’s
Chairman and Chief Executive Officer. “In addition to the emissions
reductions we will achieve, these optimizations will reduce the
project’s footprint, traffic, and construction schedule, and
demonstrate our ongoing commitments to the community in the Rio
Grande Valley.”
On account of these optimizations, NextDecade will, in due
course, vacate Train 6 as RGLNG is now capable of producing the
same planned total LNG volumes with just five trains. Future
development of Train 6 will require NextDecade to secure
authorization from FERC, the U.S. Department of Energy, and any
other relevant federal or state agency with jurisdiction over the
export project.
About NextDecade Corporation
NextDecade is a liquefied natural gas (LNG) development company
focused on LNG export projects. NextDecade is developing the
largest LNG export solution linking Permian Basin and Eagle Ford
Shale natural gas to the global LNG market, creating value for
producers, customers, and stockholders. Its portfolio of LNG
projects includes the 27 mtpa Rio Grande LNG export facility in the
Port of Brownsville, Texas. NextDecade’s common stock is listed on
the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is
headquartered in Houston, Texas. For more information, visit
www.next-decade.com.
NextDecade Forward-Looking Information
This press release contains forward-looking statements within
the meaning of U.S. federal securities laws. The words
“anticipate,” “contemplate,” “estimate,” “expect,” “project,”
“plan,” “intend,” “believe,” “may,” “might,” “will,” “would,”
“could,” “should,” “can have,” “likely,” “continue,” “design” and
other words and terms of similar expressions are intended to
identify forward-looking statements, and these statements may
relate to the business of NextDecade and its subsidiaries. These
statements have been based on NextDecade’s current assumptions,
expectations, and projections about future events and trends and
involve a number of known and unknown risks, which may cause actual
results to differ materially from expectations expressed or implied
in the forward-looking statements. These risks include
uncertainties about progress in the development of NextDecade’s LNG
liquefaction and export projects and the timing of that progress;
our final investment decision (“FID”) in the construction and
operation of a LNG terminal at the Port of Brownsville in southern
Texas (the “Terminal”) and the timing of that decision; the
successful completion of the Terminal by third-party contractors
and an approximately 137-mile pipeline to supply gas to the
Terminal being developed by a third-party; our ability to secure
additional debt and equity financing in the future to complete the
Terminal; the accuracy of estimated costs for the Terminal;
statements that the Terminal, when completed, will have certain
characteristics, including amounts of liquefaction capacities; the
development risks, operational hazards, regulatory approvals
applicable to the Terminal’s and the third-party pipeline's
construction and operations activities; NextDecade’s anticipated
competitive advantage and technological innovation which may render
its anticipated competitive advantage obsolete; the global demand
for and price of natural gas (versus the price of imported LNG);
the availability of LNG vessels worldwide; changes in legislation
and regulations relating to the LNG industry, including
environmental laws and regulations that impose significant
compliance costs and liabilities; the 2019 novel coronavirus
pandemic and its impact on our business and operating results,
including any disruptions in our operations or development of the
Terminal and the health and safety of our employees, and on our
customers, the global economy and the demand for LNG; risks related
to doing business in and having counterparties in foreign
countries; our ability to maintain the listing of our securities on
a securities exchange or quotation medium; changes adversely
affecting the business in which NextDecade is engaged; management
of growth; general economic conditions; NextDecade’s ability to
generate cash; compliance with environmental laws and regulations;
the result of future financing efforts and applications for
customary tax incentives; and other matters discussed in the “Risk
Factors” section of NextDecade’s Annual Report on Form 10-K for the
year ended December 31, 2019 and other subsequent reports filed
with the Securities and Exchange Commission, all of which are
incorporated herein by reference.
Additionally, any development of the Terminal remains contingent
upon completing required commercial agreements, acquiring all
necessary permits and approval, securing all financing commitments
and potential tax incentives, achieving other customary conditions
and making a final investment decision to proceed. The
forward-looking statements in this press release speak as of the
date of this release. Although NextDecade believes that the
expectations reflected in these forward-looking statements are
reasonable, it can give no assurance that the expectations will
prove to be correct. NextDecade may from time to time voluntarily
update its prior forward-looking statements, however, it disclaims
any commitment to do so except as required by securities laws.
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