THE WOODLANDS, Texas, May 12, 2014 (GLOBE NEWSWIRE) -- On May 2, 2014, Excelerate Energy received the Notice of Schedule for Environmental Review from the Federal Energy Regulatory Commission (FERC) for its Aguirre Offshore GasPort Project (AOGP) located offshore Puerto Rico. On the same day, the project also received the Letter of Recommendation (LOR) from the Unites States Coast Guard. Both notices are clear indicators that there are no major obstacles for the proposed facility and the project is progressing in a positive manner.
The FERC schedule establishes the estimated dates on which the FERC staff will complete the final Environmental Impact Statement (EIS) and the 90-day Federal Authorization Decision deadline. These dates are December 19, 2014 and March 19, 2015, respectively. The schedule accounts for full public participation and review, and ensures the review process will be thorough and complete.
"We are pleased to see the schedule published as it demonstrates the FERC's readiness to move forward with our project. We now have a tangible project timeline to work with that is not speculative," stated Daniel Bustos, Chief Development Officer of Excelerate Energy, "Our goal has always been to deliver a safe and reliable project as quickly as possible to PREPA. Although we were hoping to have the EIS issued by the end of the third quarter, we do not see the extended timeline to be of significant impact to the project. We anticipate we will be able to make up some of the time as we move forward in the process." Mr. Bustos continued, "We are pleased to note that at present all of our work has been completed well within the timeframe FERC has announced."
Of major significance, the Coast Guard provided FERC with the LOR for the project. The letter conveys the Coast Guard's recommendation on the suitability of the waterway surrounding the Jobos Bay for accommodating LNG marine traffic as it relates to safety and security. The Coast Guard provided its recommendation after a thorough review and evaluation of the waterway in consultation with a variety of commonwealth and local port stakeholders.
"Having the Coast Guard's support is crucial to the success of this project," stated Mr. Bustos, "We are pleased they confirmed the safety and security of the location of the facility."
Pending FERC's approval, Excelerate is targeting the fourth quarter of 2015 to be in service.
About Excelerate Energy ®
Excelerate Energy L.P. is the pioneer and market leader in innovative floating LNG solutions. We provide integrated services along the entire LNG value chain with the objective of delivering rapid-to-market and reliable LNG solutions to our customers. Excelerate offers a full range of floating regasification services, from FSRU to infrastructure development; we serve the upstream market through the development of floating liquefaction (FLNG) solutions; and our established trading and chartering team is active in the global market and provides access to LNG supply and market to both our downstream and upstream customers. Headquartered in The Woodlands, Texas, Excelerate has a presence in Buenos Aires, London, Rio de Janeiro, and Singapore. For more information, please visit www.excelerateenergy.com .
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