FERC Approves Dominion's Cove Point LNG Export Facility | Russell T. Rudy Energy LLC
“Rigzone” reports that the Federal Energy Regulatory Commission (FERC) has approved Dominion Resources Inc.’s Cove Point, Maryland, Liquefied Natural Gas (LNG) export project. The proposed facility will cost between $3.4 and 3.8 billion dollars and will have a capacity of 5.75 million metric tons per year. Dominion has already secured markets for total output via 20 year contracts with entities in India and Japan.
The Cove Point site already has 4 large storage tanks and a pier built in the 1970’s to handle imports of LNG from Algeria. This underscores the dramatic shift in U. S. energy markets as a result of the shale revolution. Cove Point is the fourth LNG export project approved by the FERC and 14 more are currently under review. Additional applications are anticipated in the future.
The project was opposed by environmentalists who cited proximity to the town of Lusby, a golf course, a state park, and the nation’s largest estuary, the Chesapeake Bay, as reasons not to proceed. However, the FERC found that the facility could be built with no significant impact on the environment.
To read the article in its entirety, please go to www.rigzone.com/news/article_pf.asp?a_id=135230 .
