From the Gulf of Mexico to the Pacific Coast to the Eastern Seaboard, U.S. companies are racing to build multibillion-dollar export terminals to ship liquefied natural gas to markets around the world amid surging demand for the cleaner-burning fuel.
But one Texas company is taking a different path to capitalize on the LNG boom, The Houston Chronicle reports.
Excelerate Energy owns and operates offshore import terminals from Boston to Bangladesh, and is sticking to that strategy even at a time when other companies are switching U.S. LNG facilities from imports to exports. Founded in 2003 and backed by Oklahoma billionaire George B. Kaiser, privately held Excelerate now employs about 100 people and controls more than $3 billion in assets.
Excelerate specializes in offshore import terminals that use a special type of LNG tanker known as floating storage and regasification units, or FSRUs.
The tankers are essentially mobile plants that convert LNG back to its gaseous form, which is then fed into an underwater pipeline to transport it to shore where it can be distributed to power plants and homes.
Excelerate owns more than one-third of the world’s current floating storage and regasification unit fleet. The company’s offshore terminals have advantages over those built on land, starting with costing less than have of what it costs to build onshore. The floating plants also have more flexibility, meaning they can easily move to markets where demand and prices are highest. Read the full story.