Americas News
Former BG Group COO Planning Two LNG Projects
Former BG Group COO Martin Houston is involved in plans for two mid-scale liquefied natural gas (LNG) projects that in total have the potential to produce six million tonnes per year, Tradewinds reports.
Houston started his Houston-based Parallax Energy in March following his announced retirement from BG Group late last year, where he was head of the group's LNG business.
One of his two projects is Louisiana-based Live Oak LNG, which is expected to be able to produce two million tonnes per year.
The other has yet to be announced, but both are funded through to the final investment decision, and will require a total of $900 million in financing afterwards.
Houston said that his new endeavours will focus on achieving “a very low unit cost” with less than $500 per installed tonne of LNG capacity.
“We hope to set a new benchmark on cost,” he said.
Parallax is also involved in upstream and downstream businesses, with the company having set up a subsidiary, Parallax Gas Supply & Trading, to manage its own supply and to provide services to other U.S. producers.
“I like the idea of alignments in the gas chain," he said.
"Shipping has a soft spot in my industrial heritage and I think we understand it.
"And, with the right partners, we would be happy to participate.”
Louisiana is also currently planning another LNG plant which may also include bunkering.
