PWC Sells U.S. Magnolia LNG to Different Company for $2M
Two weeks ago MDN brought you the news that consulting powerhouse PricewaterhouseCoopers (PWC), which had been hired to liquidate the assets of Australian company LNG Limited (LNGL), had found a buyer for the Magnolia LNG export project for $2.25 million (see PWC Sells U.S. Magnolia LNG to U.K. Company for $2.25M). Scrub that. The buyer never came through with the money, so PWC has found a second buyer, for $2 million. The fire sale continues.
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Last week MDN reported about a compressor fire at the Kinder Morgan’s Elba Island LNG export facility in Georgia (see 
Pieridae Energy wants to build an LNG export plant in Nova Scotia, Canada. The project is called the Goldboro LNG project. We’ve tracked the project for years hoping Marcellus/Utica gas might one day feed it (
Just when it seemed everything was going great to get all 10 mini-trains up and running at the Elba Island, Georgia LNG export facility (owned and operated by Kinder Morgan), a compressor fire earlier this week has caused the shutdown of three functioning units along with a fourth unit in the process of commissioning.
We have some exclusive news to share about a northeast PA LNG plant project. In August 2018, New Fortress Energy announced plans to build at least one LNG liquefying plant in Wyalusing, PA (see 
New Fortress Energy, which focuses on producing, exporting, transporting, and importing (in other countries) LNG marches to the beat of a different drummer. The company recently issued its first-quarter 2020 update. On a conference call with analysts, New Fortress founder and CEO (and billionaire) Wed Edens said his company hasn’t applied for nor accepted any government money re the COVID-19 pandemic. They also haven’t laid anyone off. In fact, New Fortress boosted the salaries of frontline fuel workers by 50% for the months of April and May in recognition of the jobs they are doing and the risks they face during the pandemic.
Canada’s Pieridae Energy, planning to build the Goldboro LNG project in Nova Scotia, announced in April it would not make a final investment decision (FID) to build the $10 billion project until “conditions improve” (see 
LNG Limited (LNGL), based in Australia, has been working on a couple of North American LNG export projects over the past half-decade or more. One of them, called Bear Head, would be built in Nova Scotia, Canada and (potentially) export Marcellus/Utica molecules. The other, Magnolia LNG, would be located in Louisiana and yes, potentially export M-U molecules as well. LNGL was in the process of selling itself and its LNG projects to Singapore investor LNG9 PTE for $75 million when LNG9 pulled out of the deal (see 
The shutdown of the world’s economy is not only affecting oil usage (and prices), it’s also affecting the usage and prices of LNG–liquefied natural gas. LNG and natgas usage are down around the world–particularly in Europe and Asia. Less demand means lower prices, and (in this case) the cancelation of a number of tankers that were supposed to deliver our LNG to other countries. Reuters is reporting 23 or more U.S. LNG cargoes for June loading have now been canceled.
In contrast to today’s story about LNG being on the ropes (see US LNG Export Cargoes Canceled as Coronavirus Destroys Demand), the International Gas Union (IGU) published its annual LNG report yesterday. The report highlights the material changes in the global LNG industry happening in 2019. The worldwide LNG trade increased by 13% to a total of 354.7 MT (million tons). The Marcellus/Utica gets a prominent shoutout in the report.
Some exciting news is chronicled in a recent post by our favorite government agency, the U.S. Energy Information Administration (EIA). Last year, in 2019, the United States exported more energy (oil, natural gas, coal, and petroleum products) than it imported. That’s the first time we’ve exported more than imported in 67 years!
For years we’ve had a Canadian LNG export project on our radar, bringing you news about the project, hoping that prodigious amounts of Marcellus/Utica gas would be used at the plant. The project is called the Goldboro LNG project, planned by Pieridae Energy for the coast of Nova Scotia. In July 2018 we told you Pieridae was getting close to a final investment decision (FID) to build the $10 billion project (see