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New Houston energy company buying Louisiana LNG project

Chairman Martin Houston/ Business Wire

Chairman Martin Houston/ Business Wire

Houston-based Parallax Energy is purchasing Louisiana LNG Energy, LLC for an undisclosed amount. The acquisition will be the company’s second mid-scale natural gas liquefaction and export project undertaken this year.

Related: This signals more oilfield mergers may be coming

Louisiana LNG is under development in southeast Louisiana on the Mississippi River’s east bank between New Orleans and Venice, LA. The firm started the Federal Energy Regulatory Commission process last July and has applied for permits to export liquefied natural gas to both free trade and non-free trade agreement countries.


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Live Oak LNG, Parallax first project, was announced earlier in the year and would be on the west bank of the Calcasieu River near Lake Charles, LA. The facility, planned to start-up late 2019, is expected to produce an average of 5.2 million tonnes per annum and include two storage tanks.

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“The addition of Louisiana LNG to our company sets the Parallax strategy firmly into motion. We have an innovative, efficient and cost-effective way to safely produce what customers want: smaller amounts of LNG that they can purchase incrementally.

“One of our core tenets is ‘design it once and build it many times.’ Louisiana LNG has a great head start, and we are fortunate they selected the same technology and world-class partners. We will be working with Bechtel on pre-engineering design and Chart [Industries] for process design for both Louisiana LNG and Live Oak LNG. In addition, both projects have great locations with excellent pipeline supply and deep water access,” said Martin Houston, chairman at Parallax in a statement.


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1 Comment on "New Houston energy company buying Louisiana LNG project"

  1. Mike,

    More M&A activity in O&G as a result of reduced prices. May provide opportunity for us?

    Mark

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