Shell, Kinder Morgan Announce Plans To Export LNG From U.S.

HOUSTON--A Royal Dutch Shell PLC (RDSA) unit struck a deal with a Kinder Morgan Inc (KMI) company to export liquefied natural gas out of an existing import terminal near Savannah, Ga., the companies said Monday.

The move, which comes in the wake of a recent report commissioned by the U.S. Department of Energy that came out in favor of LNG exports, is the latest among major energy companies seeking to capitalize on North America's the newly found abundance of natural gas from shale. Exxon Mobil Corp. (XOM) last year announced it wanted to turn an existing import terminal in Texas into a facility than can also export, and Chevron Corp. (CVX) last month partnered with Apache Corp. (APA) to liquefy and export natural gas out of western Canada. Shell is also working on a competing Western Canada LNG export project.

To be sure, the Georgia export project faces hurdles: it still must receive U.S. permission to export to countries with which the U.S. doesn't have free trade agreements, and the companies must finalize investment decisions. But it is likely to strengthen the project's chances of standing out amid 20 or so different projects awaiting for permits to sell LNG to non-FTA countries, due to Shell's big pockets and its experience in the LNG business. So far only one project, Cheniere Energy Inc. (LNG)'s Louisiana terminal, is authorized for exports and is under construction.

The companies said that they would seek to modify El Paso Pipeline Partners LP (EPB)'s Elba Express Pipeline Unit and the Elba Island LNG Terminal to move natural gas to the terminal, liquefy it and ship it. El Paso, a Kinder Morgan unit, will own 51% of the partnership and run the facility, and Shell will own 49% and have rights to 100% of the liquefaction capacity of the terminal. The project is expected to be able to ship 350 million cubic feet of gas per day.

"This project will facilitate further development of the abundant natural gas resources in the United States and will be a positive factor in the overall balance of trade between the U.S. and other countries," said Kinder Morgan Chief Executive Richard Kinder in a statement.

Copyright (c) 2012 Dow Jones & Company, Inc.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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Edmond Jackson's Stockwatch: Morgan Sindall Group

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.

Does the recent plunge in the FTSE Small Cap-listed shares of this construction and regeneration group amount to a buying opportunity? I have followed Morgan Sindall Group (MGNS) periodically since listing in 1994: its shares have shown some fine runs and offered useful trading, although be aware that the inherent volatility of a cyclical share is enhanced in a tight market.

After a 725p, 12-month high amid last January's "risk rally", the shares drifted then plunged from about 660p to as low as 508p when a 6 November update for the July to early November period said ominously: "Since the half year we have experienced further market deterioration, which has impacted the short-term outlook into 2013."

The market did not swallow a sweetener about increased confidence for the medium-term outlook due to "success in securing a number of longer-term opportunities in growing sectors of the market" although the share fall stabilised after 20 November news of the group being awarded

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‘Architect of a New America’: Time magazine has selected President Barack Obama as its 2012 “Person of the Year.” In unveiling the pick Wednesday, Managing Editor Richard Stengel wrote, “For finding and forging a new majority, for turning weakness into opportunity and for seeking, amid great adversity, to create a more perfect union, Barack Obama is Time’s 2012 Person of the Year.” The magazine also awarded Obama the honor in 2008 when he was first elected president. You sense a pattern here, yes? (Read more)

Judge’s Death: Robert Bork, who is perhaps best known for his failed nomination to the U.S. Supreme Court in 1987, died Wednesday at the age of 85. The former federal judge’s extreme views on the bench ignited an intense political battle in the Senate that subsequently led to his not being confirmed. The conservative jurist also served as a solicitor general in the Nixon administration, carrying out orders to fire special prosecutor Archibald Cox and his entire staff during the Watergate scandal. (Read more)

Concussiongate: Some conservatives believe Hillary Clinton is faking her concussion to avoid testifying on Capitol Hill about the Sept. 11 assault on the U.S. Consulate in Benghazi, Libya. The secretary of state reportedly fainted and hit her head recently while sick with a stomach virus. Clinton’s spokeswoman responded Tuesday to accusations that she was avoiding the hearing, telling reporters: “She’s been on the phone and in e-mail contact with senior staff. She’s been working on other issues—Syria, the DPRK [North Korea] today. These are people that don’t know what they are talking about.” (Read more)

Pledge Break: Anti-tax advocate Grover Norquist says he is down with the Republicans’ backup plan to deal with the fiscal cliff. There’s only one problem. The GOP’s “Plan B” calls for a tax increase on Americans making more than $1 million a year. That means by supporting it, Norquist is essentially violating his own pledge. Norquist’s organization, Americans for Tax Reform, has a good excuse for this though: It doesn’t technically view the GOP’s plan as a tax increase because all the Bush tax cuts expire at the end of the year anyway. (Read more)

Majority Rules: In the wake of the Sandy Hook school massacre, a new CNN/ORC International poll finds that a slim majority—52 percent—favors major restrictions on guns in this country. The survey also found that more than 60 percent favor an outright ban on semiautomatic assault weapons. (Read more)

Video of the Day: Gun control proponent Piers Morgan absolutely ripped into gun rights advocate Larry Pratt on his CNN program Tuesday night. After some heated cross talk, Morgan told Pratt: “You’re an unbelievably stupid man, aren’t you?” He added, “You have absolutely no coherent argument. You don’t actually give a damn about the gun murder rate in America.”

—Posted by Tracy Bloom.

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