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    Exxon to buy LNG from NextDecade's Brownsville project in 20-year deal


    July 29, 2022 - Amanda Drane, Houston Chronicle

     

      Jul. 28—NextDecade's development in Brownsville, Rio Grande LNG, gained more traction this week as the Houston-based liquefied natural gas company reached a long-term agreement to sell LNG to ExxonMobil.

      Exxon agreed to buy 1 million metric tons of LNG from the project's first two production units, scheduled to come online as early as 2026.

      The project, stalled before Russia invaded Ukraine, has new momentum after the war ignited a global energy shortage — the deal with Exxon is its fifth since Russia's invasion. It follows two deals earlier this month with big buyers from China. The planned facility is one of several along the Gulf Coast competing for attention from buyers in Europe and Asia.

      "The signing of this long-term (sales and purchase agreement) with ExxonMobil, a global leader in the energy industry, represents another significant milestone for (Rio Grande LNG) and signifies the beginning of a mutually beneficial relationship," said Matt Schatzman, NextDecade's chairman and chief executive.

      Exxon said the natural gas sold by NextDecade and other companies operating along the Gulf Coast will play "an increasingly important role" in helping reduce global emissions during the energy transition.

      "We look forward to working with NextDecade to continue growing ExxonMobil's LNG portfolio and delivering the lower-emissions energy the world needs," said Peter Clarke, Exxon's senior vice president of LNG.

      NextDecade has reached agreements for 8.25 million metric tons of LNG of its anticipated 27 metric tons of LNG per year. The company plans to reach a final investment decision — the precursor to construction — by the end of the year.

      amanda.drane@chron.com

      ___

      (c)2022 the Houston Chronicle

      Visit the Houston Chronicle at www.chron.com

      Distributed by Tribune Content Agency, LLC.

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