Friday is the proverbial “take out the trash day” for the release of bad news among public relations practitioners and this Friday was no different.
In that vein, yesterday the Obama Department of Energy (DOE) announced a conditional approval of the second-ever LNG (liquefied natural gas) export terminal.
LNG is the super-chilled final product of gas obtained - predominantly in today's context - via the controversial hydraulic fracturing (“fracking”) process taking place within shale deposits located throughout the U.S. Fracked gas is shipped from the multitude of domestic shale basins in pipelines to various coastal LNG terminals, and then sent on LNG tankers to the global market.
The name of the terminal: Freeport LNG.
Freeport LNG is 50-percent owned by ConocoPhillips and located in Freeport, Texas, an hour-long car ride south of Houston. The export facility is the second one approved by the Obama DOE, with the first one - the Sabine Pass terminal, owned by Cheniere and located in Sabine Pass, Louisiana - approved in May 2011.
DOE gave its rubber stamp of approval to Freeport LNG to export up to 1.4 billion cubic feet of LNG per day from its terminal.