New Fortress Energy Inc. announced on Jan. 29 that it received a ruling from U.S. Customs and Border Protection that the LNG produced at the company’s FLNG facility offshore Altamira, Mexico, and transported via non-U.S. qualified vessels would not violate the Jones Act.
The Jones Act requires goods shipped between U.S. ports to be transported on ships built, owned and operated by U.S. citizens or permanent residents.
Following the ruling, New Fortress can sell and deliver LNG produced at its FLNG facility offshore Mexico to U.S. locations, including Puerto Rico—a key downstream market for New Fortress, the company said in its press release.
“We are extremely pleased to receive this ruling for our FLNG facility since it not only supports one of the company’s largest projects but also supports the people of Puerto Rico,” said Wes Edens, chairman and CEO of New Fortress Energy.
Recommended Reading
Permian M&A: Oxy Shops Delaware Assets, Family Oil Cos. Stand Out
2024-05-10 - As operators scour the Permian Basin for M&A opportunities, they’re keeping an eye on a tepid divestiture market. Family-owned oil companies also stand out among the pack of private inventory holders remaining in the Permian, according to Enverus Intelligence Research.
GeoPark, Vitol Sign Offtake Deal for Llanos 34 Block
2024-05-10 - Under the agreement, GeoPark will sell and deliver to Vitol a minimum of 20,000 bbl/d of oil from the Llanos 34 Block in Colombia, which GeoPark holds 45% working interest.
Magnolia Bolts-on 27,000 Acres in South Texas’ Giddings Field
2024-05-09 - Magnolia Oil & Gas said it paid $125 million to a private operator to acquire the acreage, which has minimal production.
Tetra Tech Acquires Convergence Controls & Engineering
2024-05-09 - Tetra Tech is acquiring Convergence Controls & Engineering to expand its digital water and energy offerings.
Kinetik Launches Delaware Basin M&A Valued at $1.3B
2024-05-09 - Kinetik Holdings will buy Durango Permian infrastructure for $765 million, excluding contingency payments, and sell its interests in the Gulf Coast Express pipeline to AcrLight Capital Partners for $540 million.