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
PrairieSky Adds $6.4MM in Mannville Royalty Interests, Reduces Debt
2024-04-23 - PrairieSky Royalty said the acquisition was funded with excess earnings from the CA$83 million (US$60.75 million) generated from operations.
Will the Ends Justify the Means for W&T Offshore?
2024-03-11 - After several acquisitions toward the end of 2023, W&T Offshore executives say the offshore E&P is poised for a bounce-back year in 2024.
Exxon Mobil, Chevron See Profits Fall in 1Q Earnings
2024-04-26 - Chevron and Exxon Mobil are feeling the pinch of weak energy prices, particularly natural gas, and fuels margins that have cooled in the last year.
Uinta Basin: 50% More Oil for Twice the Proppant
2024-03-06 - The higher-intensity completions are costing an average of 35% fewer dollars spent per barrel of oil equivalent of output, Crescent Energy told investors and analysts on March 5.
Canadian Natural Resources Boosting Production in Oil Sands
2024-03-04 - Canadian Natural Resources will increase its quarterly dividend following record production volumes in the quarter.