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(Bloomberg) — Kimmeridge Energy Management Co. is preparing to announce the final supply deals for the liquefied natural gas export terminal it’s developing on the Louisiana coast.
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“We have two million tons (per annum) that will be announced in relatively short order, and then we’ll launch the debt financing process, which is kind of the last step, so our expectation is that we will done before year end,” said Kimmeridge co-founder Ben Dell in an interview with Bloomberg on Wednesday.
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This comes as the US, already the world’s largest exporter of the LNG, looks to double its capacity over the next decade to meet demand in Asia and Europe. Importers in those countries are aiming to decarbonize while producers with US shale assets are looking to monetize their gas overseas. The private equity driller’s Commonwealth LNG is one of the projects looking to launch before the expected wave of gas supply from the growth in the US and Qatar could potentially overtake demand.
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Earlier in October, a Louisiana state court struck down a state-level coastal use permit for Commonwealth. The company said all legal options were being explored in regards to the ruling.
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Kimmeridge is raising equity for the financing, and the project debt process is expected to be launched by the end of the month, Dell said.
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The company also is planning to select a shipyard to build the project’s liquefaction modules, Dell said, considering possible bids across Asia, including China, which would face significantly higher tariffs.
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—With assistance from Devika Krishna Kumar.
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