McMoRan Exploration Co. Announces Coast Guard/MARAD Publication of Environmental Assessment and Draft Finding of No Significant
September 25 2006 - 8:30AM
Business Wire
McMoRan Exploration Co. (NYSE: MMR) announced the publication of
the Environmental Assessment (EA) and Draft Finding of No
Significant Impact by the United States Coast Guard (Coast Guard)
and the Maritime Administration (MARAD) for the Main Pass Energy
Hub� (MPEH�) LNG license application. The Coast Guard issued a
public notice on September 19, 2006, establishing a timeline for a
record of decision on the project, including public hearings to be
held during the week of October 2, 2006. Comments on the
application, including from the Governors of adjacent coastal
states (Louisiana, Mississippi and Alabama), are required by
November 20, 2006, and a record of decision would be issued by
January 3, 2007. A copy of the Coast Guard letter outlining the
schedule is being filed with this press release on Form 8-K with
the Securities and Exchange Commission (SEC). As previously
reported, McMoRan submitted an amendment to its license application
with the Coast Guard and the MARAD on May 31, 2006 to obtain
approval of its MPEH� project using Closed Loop technology. The EA
analyzed the changes associated with the amended application and
determined that the project will not have a significant impact on
the environment. The Coast Guard has issued a Draft Finding of No
Significant Impact for public review and comment. The Coast Guard
indicated that comments from the public and from State and Federal
agencies supported the Closed Loop technology. In addition, McMoRan
also reported that it received a letter from the Department of
Natural Resources for the State of Louisiana on September 21, 2006
indicating that the proposed facility is consistent with the
Louisiana Coastal Resources Program. A copy of this letter is being
filed with this press release on Form 8-K with the SEC. McMoRan�s
Co-Chairmen James R. Moffett and Richard C. Adkerson said, �The
publication of the Draft Finding of No Significant Impact is a
significant milestone, indicating the imminent completion of our
permitting process for our proposed major new LNG port. The MPEH�
project would provide critical supplies of natural gas to our
nation, generate substantial direct economic benefits through job
creation and investment in the State of Louisiana and Gulf Coast
region and be operated in an environmentally responsible manner. We
look forward to receiving a positive record of decision on the
project.� The MPEH� terminal would be capable of regasifying LNG at
a rate of 1 billion cubic feet of natural gas (Bcf) per day. The
use of existing facilities provides significant cost advantages,
and the proposed project benefits from its offshore location near
established shipping lanes. McMoRan is continuing discussions with
potential LNG suppliers as well as gas marketers and consumers in
the United States to develop commercial arrangements for the
facilities. McMoRan is also considering investments to develop
substantial cavern storage and a 36-inch pipeline from MPEH� to
Coden, Alabama that would enable expanded access to U.S. gas
markets. These plans include 28 Bcf of initial cavern storage
capacity and aggregate peak deliverability from the proposed
terminal, including deliveries from storage, of up to 2.5 Bcf per
day. As previously announced, McMoRan has received approval from
the Federal Energy Regulatory Commission to transport gas onshore
using the proposed pipeline. McMoRan Exploration Co. is an
independent public company engaged in the exploration, development
and production of oil and natural gas offshore in the Gulf of
Mexico and onshore in the Gulf Coast area. McMoRan is also pursuing
plans for the development of the MPEH� which will be used for the
receipt and processing of liquefied natural gas and the storage and
distribution of natural gas. Additional information about McMoRan
and the MPEH� project is available on its internet website
�www.mcmoran.com� and at �www.mpeh.com�. CAUTIONARY STATEMENT: This
press release contains certain forward-looking statements regarding
our potential Main�Pass Energy HubTM project. Accuracy of the
projections depends on assumptions about events that change over
time and is thus susceptible to periodic change based on actual
experience and new developments. McMoRan cautions readers that it
assumes no obligation to update or publicly release any revisions
to the projections in this press release and, except to the extent
required by applicable law, does not intend to update or otherwise
revise the projections more frequently than quarterly. Important
factors that might cause future results to differ from these
projections include: variations in the market prices of natural
gas; environmental costs; general development risks and hazards;
and financing, regulatory, and feasibility requirements for�the
potential Main�Pass Energy HubTM project. Such factors and others
are more fully described in more detail in McMoRan's 2005 Annual
Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q
filed with the Securities and Exchange Commission. McMoRan
Exploration Co. (NYSE: MMR) announced the publication of the
Environmental Assessment (EA) and Draft Finding of No Significant
Impact by the United States Coast Guard (Coast Guard) and the
Maritime Administration (MARAD) for the Main Pass Energy Hub(TM)
(MPEH(TM)) LNG license application. The Coast Guard issued a public
notice on September 19, 2006, establishing a timeline for a record
of decision on the project, including public hearings to be held
during the week of October 2, 2006. Comments on the application,
including from the Governors of adjacent coastal states (Louisiana,
Mississippi and Alabama), are required by November 20, 2006, and a
record of decision would be issued by January 3, 2007. A copy of
the Coast Guard letter outlining the schedule is being filed with
this press release on Form 8-K with the Securities and Exchange
Commission (SEC). As previously reported, McMoRan submitted an
amendment to its license application with the Coast Guard and the
MARAD on May 31, 2006 to obtain approval of its MPEH(TM) project
using Closed Loop technology. The EA analyzed the changes
associated with the amended application and determined that the
project will not have a significant impact on the environment. The
Coast Guard has issued a Draft Finding of No Significant Impact for
public review and comment. The Coast Guard indicated that comments
from the public and from State and Federal agencies supported the
Closed Loop technology. In addition, McMoRan also reported that it
received a letter from the Department of Natural Resources for the
State of Louisiana on September 21, 2006 indicating that the
proposed facility is consistent with the Louisiana Coastal
Resources Program. A copy of this letter is being filed with this
press release on Form 8-K with the SEC. McMoRan's Co-Chairmen James
R. Moffett and Richard C. Adkerson said, "The publication of the
Draft Finding of No Significant Impact is a significant milestone,
indicating the imminent completion of our permitting process for
our proposed major new LNG port. The MPEH(TM) project would provide
critical supplies of natural gas to our nation, generate
substantial direct economic benefits through job creation and
investment in the State of Louisiana and Gulf Coast region and be
operated in an environmentally responsible manner. We look forward
to receiving a positive record of decision on the project." The
MPEH(TM) terminal would be capable of regasifying LNG at a rate of
1 billion cubic feet of natural gas (Bcf) per day. The use of
existing facilities provides significant cost advantages, and the
proposed project benefits from its offshore location near
established shipping lanes. McMoRan is continuing discussions with
potential LNG suppliers as well as gas marketers and consumers in
the United States to develop commercial arrangements for the
facilities. McMoRan is also considering investments to develop
substantial cavern storage and a 36-inch pipeline from MPEH(TM) to
Coden, Alabama that would enable expanded access to U.S. gas
markets. These plans include 28 Bcf of initial cavern storage
capacity and aggregate peak deliverability from the proposed
terminal, including deliveries from storage, of up to 2.5 Bcf per
day. As previously announced, McMoRan has received approval from
the Federal Energy Regulatory Commission to transport gas onshore
using the proposed pipeline. McMoRan Exploration Co. is an
independent public company engaged in the exploration, development
and production of oil and natural gas offshore in the Gulf of
Mexico and onshore in the Gulf Coast area. McMoRan is also pursuing
plans for the development of the MPEH(TM) which will be used for
the receipt and processing of liquefied natural gas and the storage
and distribution of natural gas. Additional information about
McMoRan and the MPEH(TM) project is available on its internet
website "www.mcmoran.com" and at "www.mpeh.com". CAUTIONARY
STATEMENT: This press release contains certain forward-looking
statements regarding our potential Main Pass Energy Hub(TM)
project. Accuracy of the projections depends on assumptions about
events that change over time and is thus susceptible to periodic
change based on actual experience and new developments. McMoRan
cautions readers that it assumes no obligation to update or
publicly release any revisions to the projections in this press
release and, except to the extent required by applicable law, does
not intend to update or otherwise revise the projections more
frequently than quarterly. Important factors that might cause
future results to differ from these projections include: variations
in the market prices of natural gas; environmental costs; general
development risks and hazards; and financing, regulatory, and
feasibility requirements for the potential Main Pass Energy Hub(TM)
project. Such factors and others are more fully described in more
detail in McMoRan's 2005 Annual Report on Form 10-K and subsequent
Quarterly Reports on Form 10-Q filed with the Securities and
Exchange Commission.
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