Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
I'm most interested in what the boys' response will be. Bold and Daring? Passive and submissive? Press the issues? Cruz and Cassidy? Will it be a true rumble in the jungle or more like IHubers punching air?
I can't see them just calmly waiting on June 1st.
LNG actually is stored at less than 1 kpa and relies on its own boiling and roiling to remain in a liquified state. The off gasses are recovered through VRU ( Vapour Recovery Unit) and typically injected upstream of the cryogenic exchangers in plant. On the ships they are funnelled to the AER or FER ... what ever the design is.
That’s cool stuff
The new FLNGV from LNG Canada actually run off the "off gasses" produced from boiling LNG. Quite impressive actually.
Well, I'm a bit disappointed with today's TGLO price action. But maybe the impatient will tire over the next few months.
On another note, I wonder to what extent Zuckerberg and the "data center" guys are involved in LNG export politics. Any aspiring "data center" benefits from an export delay/ban and a suppressed LNG price. I listened to a podcast about a planned LNG-powered "data center" that has a hybrid model of either data processing or selling their LNG back depending on the current market.
How do they know it reduces emissions without a full environmental study or that it won’t affect other parts of the ecosystem?
How do they or the other agencies know the operators are fully vetted to do this under the license and will properly carry out protocol, even if they know the company?
It is not illegal to have someone else operate your vessel, but it wasn’t the original plan when the license was issued and it’s a big change.
Would be great if they could accommodate for these changes in a more efficient way, and the company tried, but it’s not the case and MARAD is still within their rights to request a new app.
Odds are a judge will see it the same way and we’ll just waste a bunch of money and years of time to get that answer
Everyone is going to be just fine.
No, YOU are the one that doesn't know what you're talking about. MARAD is going against their own established processes and long held industry standards by doing what they are doing with Delfin. You do not do new environmental studies bc a project has DECREASED the environmental impact of the project by implementing updated industry advancements. MARAD has no right to tell Delfin to list every possible future operator and dollar they will receive BEFORE any of it occurs. MARAD is there to provide the framework for Delfin to operate within, NOT ask for everything first then write their framework afterwards. MARAD can develop a process by which vessel operators would be vetted but they have no right to not issue a license over something that hasn't even happened. It's not illegal for someone else to operate your vessel.
Unfortunately the OG are going to get more pain and the new are going to find out what pain is all about
Other than the timeline and delayed response, MARAD is well within its rights to request a new application. Despite telling them a lot of changes were made to the project and giving them a new EA, they can still request a new environmental study be done on the design changes and want to look deeper into the ownership structure across agencies. A lawsuit is likely just going to delay, waste money, and not get the result you want. People requesting this have no clue what they are asking for
ôi nguoi dàn ông vui tính (oh you funny man)
they forgot to mention that it needs to be in Vietnamese.
TradeWinds article: Delfin Midstream
Delfin LNG denied license by US authorities after multiple changes to FLNG project
US’ Marad says thorough update of application required for fresh review
Would be floating LNG (FLNG) project developer Delfin Midstream will need to submit an updated version of its application to own, built and operate an FLNG-based project of the US Gulf coast after making many alterations to the planned development, US authorities have ruled.
The US Departmant of Transportation’s Maritime Administration (Marad) said in a letter filed to the chief executive of subsidiary Delfin LNG Dudley Poston that it no longer supports its 2017 decision to issue of a license for the company to own, construct and operate a deepwater port.
Marad said that in the seven years since its decision Delfin has made “widespread changes” to the project.
They included its ownership, design, financing and operations which have resulted in a proposal that is not the same as the one originally approved.
The body said the project proposal will now need a “thorough” review and has asked Delfin to update its application and submit an amended version of it.
Delfin’s offshore LNG production facility has been designed to support four FLNG units capable of producing a total of 13.3 mtpa of LNG.
The company has signed up a string of LNG offtake agreements with big-name buyers, secured yard slots for its units and has said it is in close to taking a final investment decision on its first three FLNG vessels”.
Marad’s letter revealed that in 2023 Delfin changed its plans for the FLNG units, which it had originally said it was planning to own and operate.
It said Delfin is now planning that the FLNG units will potentially be owned, financed and operated by third parties.
"This is a significant departure from what was contemplated in, and approved,” Marad said, referencing its 2017 decision, “and will require additional evaluation and consideration.”
The Department of Transport body said that originally an equity portion of project costs was to be provided by Enbridge Holdings along with Delfin affiliates with Korea Development Bank committing to $1.5bn of debt financing and Enbridge acting as a guarantor for Delfin’s decommissioning costs and obligations.
But Marad said these parties appear to be no longer involved.
In June 2023 Delfin announced it had paired with Japan’s Mitsui OSK Lines under which MOL would be taking a stake in the company and assisting in the construction and operation of the FLNG units.
The maritime arm also highlighted design changes to the FLNG units’ mooring, power generation and cooling systems which were not included in its original Final Environmental Impact Statement for the project.
Marad’s new decision on the project will set its planned time horizon back again as Delfin must now submit and amended application and a supplemental environmental assessment which will need to go out for local state and public review before the regulatory body issues a new decision on the proposals.
Hilarious, MARAD issues a license to a project with zero contracts and no pathway forward while Delfin who has a viable pathway forward is slow-walked into losing their contracts???
Delfin denied license
Trade winds
$$
Also, Delfin declined to comment when asked by LNG Prime, so likely they are just waiting on DOE or EIS submission in the near future to say anything
If you think Delfin is going to have an answer or some special message for these “shareholders”, probably not until DOE comes back or the EIS is complete for submission to MARAD. They’re going to be waiting for the same things as us, but not much you can do other than go through the steps. These companies know the game and I am sure expected it. Probably why they only did small SPAs and Devon hasn’t pulled the trigger
No, I addressed your point directly regarding “that $19 billion has shareholders”. Centrica and the others will just go elsewhere and Delfin has no shareholders, since it’s a private company. I was also making the point that these departments don’t care about any of that
you still miss the point but I'm pretty sure you don't really give a s***
It’s easier to catch bees with honey. I agree with that sentiment.
In the eyes of Delfin though - they had been using honey throughout the entire process. There’s documentation on official letterhead that clearly spells out to any and all interested parties what has been discussed and completed through the years. This is a pivotal moment, and it’s time for Delfin et al to pull out all the stops.
In the world of Lawsuits, it would be filed in the 5th Circuit Court of Appeals, which takes no BS from the Biden Admin, and in the rare case it ever got to the SC, it’s a 6-3 Conservative Majority. Delfin will be fine
Everything is now predicated on politics and greasy palms.
Hope that this works because we do not want this tied up in court for any amount of time.
I can see them suing if DOE comes back negative, because then they really get screwed, but I think it would not be prudent to start pissing off these departments when you’re trying to still get something from them
Yeah, I’ll feel better if DOE comes back positive. My concern there, other than the definition of construction which they kind of cheated on, is they put a condition of obtaining the MARAD approval by the end of the 9 month conditional approval period after 6/1 with the DOE.
Unless they got ahead of the EIS like the EA then this timeline probably won’t work and DOE may take it into account.
Even if they submitted it tomorrow, MARAD has proven themselves unreliable to answer within the expected timeframe
Yeah, get Vitol and Gunvor on the phone and have them send money to Tony Podesta in the Middle East. He does lobbying work for $1M payouts sooooo, I don't see the issue. Just do it already.
Here’s to hoping L&W go full girth 🍻
This sort of debacle seems to be exactly what a law firm is for. L&W’s reputation is also on the line with this…
It’s what I meant though. They do not care about shareholders or Centrica, so your point is moot about getting answers quick because of them. Delfin has no official shareholders and Centrica’s shareholders aren’t going to kick up a fuss. Centrica isn’t going to be ruined because of this decision, they’ll move the order to Qatar or something
A lawsuit would likely come with some form of injunction or court ordered pause on the process until the dispute is resolved. They will need to choose to either sue or resubmit an "updated" application with redlines (such BS) telling MARAD everything they already know. I have my opinion and I am sure there are people inside Delfin who want these MARAD shitbags on a spit roast. What I'm hoping is that someone at Latham & Watkins actually mans the fuck up and finds his balls and walks in there and hammers out a deal to avoid all this bureaucratic peacocking.
not what I meant but okay
That will be their chance if they can survive until then. IMO
Yeah, this wouldn’t have happened under a Trump/Republican admin most likely
Probably by June, but who knows with bureaucracy
Like I said, these departments don’t care about shareholders or company welfare.
that 19 billion has shareholders and they want answers so I think we'll hear something shortly. Centrica Chesapeake etc
Vitamin don’t you know what this administration is capable of this is a easy one they have their eyes closed and hands tied behind their back
I am surprised this did not trigger more stop losses
How much time before DOE responds?
It all depends on DOE now. If DOE screws them then they might not rollover and die, but it’s as close as they will get to death having to reapply with everyone else in a licensing freeze
Fucking THIS. NP is on the dot. It was all very clearly spelled out in the disclosures that NP posted that Delfin has been compliant with all requests, and kept MARAD up to date every step of the way.
Political, bureaucratic bullshit from MARAD & administration. Someone got a talk to and chose violence.
My best guess is perhaps Delfin pursues both the amended application and a lawsuit. What other choice do they have other than to quit now after a decade of investment? No way they’re throwing the towel in with billions of cash on the line.
Thank you for your signature endorsement stamp golden turd....here I'll stamp this one for you💩
So, let me get this straight, 100 million thrown at the project, 19 billion dollars worth of contracts, second best top notch counsel in the Country, lot of man hours put into the project going into 12 years, just to roll over and die? No, no way in heck that is going to happen. I see this getting resolved as soon as all hope is lost. Hard to imagine they don't have plans in place.
Maybe Delfin’s is one big tax write off for Fred and the Mothership
Everyone in here should write a letter to Cruz and Cassidy and thank them for their effort putting on a fight against MARAD. Furthermore, Jones needs to get rid needless officers at Delfin.
TGLO (theglobe.com)
Delfin Midstream LLC. (Parent Company)
LNG developer Delfin Midstream LLC is the majority owner (71%) of TGLO with 312,825,952 shares
(https://delfinmidstream.com)
DELFIN DOE EXTENSION REQUEST:
05/31/2024: Notice Tolling Expiration of Non-FTA Authorization Pending DOE Action
03/01/2024: Request of Delfin LNG LLC for Supplemental Order Granting Conditional Extension of the Time for Long-Term Authorizations to Export Liquefied Natural Gas
DELFIN FERC STATUS UPDATE:
10/05/2023: FERC Grants Delfin's Request for a 4-Year Extension
RECENT MEDIA NEWS/BILLION DOLLAR AGREEMENTS:
2/14/2024: Chesapeake Energy Corporation, Delfin LNG and Gunvor Sign Long-Term Liquefaction Offtake Agreement Indexed to Japan Korea Marker
11/27/2023: Delfin Midstream Signs Long-Term LNG Supply Agreement with Gunvor
8/22/2023: Delfin Accelerates the Development of FLNG Vessels in Partnerships with Wison Offshore & Marine
7/11/2023: Centrica Sings Major LNG Supply Agreement
6/8/2023: Delfin Enters Strategic Investment Agreement with Mitsui O.S.K Lines
4/24/2023: Delfin Signs LNG Sale and Purchase Agreement with Hartree
9/5/2022: Delfin Midstream and Devon Energy Enter into LNG Export Partnership
8/9/2022: Delfin signs LNG agreement with Centrica (15 year, estimated at $8 billion)
7/13/2022: Delfin finalizes offtake agreement (15 year, estimated $3 billion in revenue) with Vitol which includes a strategic investment in Delfin
REVERSE MERGER POTENTIAL:
Event Date: 12/31/2017: Delfin Midstream, LLC. became the majority owner (70.9%) of TGLO (theglobe.com) with 312,825,952 shares. Below are the corresponding filings and a subsequent article, alluding to the possiblity of a reverse merger based on the trend of other LNG companies performing reverse mergers (e.g., TELL). NOTE: As of TGLO's last 10Q filing (May 14, 2024), Delfin has continued to fund TGLO through loans, totaling $1,330,000.
1/10/2018: Delfin Midstream, Inc., Form 3
1/11/2018: TGLO, Form 13D
1/11/2018: S&P Global Article: "Delfin LNG developer says it may merge into idled company it bought 71% of"
The developer of the proposed Delfin LNG export project said in a Jan. 11 filing with the SEC that it may complete a reverse merger with theglobe.com after buying a 71% stake in the idled technology company on the last day of 2017.
In the filing, Fairwood Peninsula Energy Corp., which owns LNG developer Delfin Midstream LLC, said it was appointing Fairwood Director William "Rusty" Nichols as chairman of the board, CEO and CFO of theglobe.com. "In addition, Delfin Midstream currently anticipates that it may enter into an agreement with the Issuer to merge into the Issuer, sell its assets to the Issuer or otherwise consolidate all of substantially all of the Issuer's business with Delfin Midstream," the filing said. "However, there can be no assurance that the Issuer will be successful in consummating any such transaction in the near future, if at all."
Delfin on Dec. 31, 2017, closed a $25,000 deal to buy a majority stake in idled tech company theglobe.com Inc. for less than a penny per share. As of market close on Jan. 11, Delfin's nearly 313 million shares were worth nearly $63 million.
A source familiar with the matter had previously told S&P Global Market Intelligence on condition of anonymity that a reverse merger was one of the options the company was considering. The Jan. 11 filing is the first official word from the company on the development.
Two other U.S. LNG export hopefuls have gone public via a reverse merger over the past year as they seek access to capital markets to help finance multibillion-dollar project proposals. Tellurian Inc., which was co-founded by the former CEO of U.S. LNG export pioneer Cheniere Energy Inc., in February 2017 closed on a reverse merger with the former Magellan Petroleum Corp. NextDecade Corp. in July 2017 completed a deal with blank-check company Harmony Merger Corp. Both Tellurian's Driftwood LNG and NextDecade's Rio Grande LNG projects are awaiting approval from the Federal Energy Regulatory Commission.
The $7 billion Delfin LNG export terminal is one of four fully permitted U.S. projects awaiting a final investment decision. The developer has signed a nonbinding agreement with China Gas Holdings Ltd. for 3 million tonnes per annum of LNG for 15 years starting in 2022.
The 13 mtpa project in June 2017 received authorization from the U.S. Department of Energy to export to countries with which the U.S. does not have a free trade agreement. The location of the proposed facility, about 40 nautical miles off the coast of Cameron Parish, La., makes the offshore portion of the project subject to the Deepwater Port Act and the jurisdiction of the U.S. Coast Guard and the U.S. Department of Transportation's Maritime Administration, which approved the project in March 2017.
The Delfin LNG project would be the first offshore liquefaction terminal in the U.S.
DELFIN MIDSTREAM'S PROJECTS:
Delfin LNG Overview
Delfin LNG is a brownfield Deepwater Port requiring minimal additional infrastructure investment to support up to four FLNG Vessels producing up to 13 million tonnes of LNG per annum. Delfin purchased UTOS pipeline, the largest natural gas pipeline in the Gulf of Mexico, in 2014 and submitted its Deepwater Port license application in 2015. Delfin LNG received a positive Record of Decision from the Maritime Administration (MARAD) and approval from the Department of Energy for long-term exports of LNG to countries that do not have a Free Trade Agreement with the United States for up to 13 MTPA.
https://delfinmidstream.com/wp-content/uploads/2024/06/Delfin-Midstream-Corporate-Presentation-June-2024.pdf
Avocet LNG Overview
Delfin owns a second pipeline system (Grand Chenier) which can be used for either:
-A second Deep Water Port (Avocet LNG) or a Delfin LNG expansion for an additional 2 FLNGVs of up to 8 MTPA in total; or
-An increased feedgas supply option for the Delfin LNG Deep Water Port allowing Delfin LNG to be fed by two pipeline systems, giving increased gas supply flexibility and security for the Delfin FLNG Vessels.
Avocet LNG’s MARAD permitting process will be significantly cheaper and more efficient as the company can leverage the Delfin LNG’s successful permitting work.
The GrandChenier pipeline system connects to major interstate pipelines providing access to abundant pipeline-quality natural gas.
DELFIN AND TGLO MANAGEMENT:
Dudley Poston
Chief Executive Officer
-EVP at Golar LNG from 2010-2018, focusing on the commercial development of Floating Storage and Regasification Units, Floating Liquefication, and small-scale LNG
-Prior to joining Golar, 16 years of experience in the U.S. natural gas industry as a financial and physical trader for Koch Industries, The Williams Companies, and Citigroup
-B.A. in Government from the University of Texas, M.A. in Economics from The State University of New York, and M.S. in Finance from Texas A&M University
Wouter Pastoor
Chief Operating Officer
-Head of Commercial and Director of FLNG Development at Golar from 2014-2018, focusing on the Hilli, Fortuna and Tortue projects and leading new FLNG design & business developments
-Prior to joining Golar, 13 years of experience in the LNG industry, primarily focused on technical and commercial development of Floating LNG projects
-Ph.D. and M.Sc. in Naval Architecture and Ship Hydromechanics from the Delft University of Technololgy in the Netherlands
Oscar Spieler
Executive Chairman of the Board
-Previous CEO at Golar LNG, Frontline and Sea Production and Chairman of Quantafuel
-Board experience from multiple companies within the shipping, drilling and finance sectors, including Offshore Merchant Partners, Energy Drilling Ltd, Jasper Investments, Archer, Avenir LNG, North Atlantic Drilling and Sealift
-M.Sc in Naval Architecture and Engineering from the Norwegian University of Science and Technology
TGLO (theglobe.com) Management
Frederick P. Jones
President, Chief Executive Officer, CFO & Director, theglobe.com, Inc.
Frederick P. Jones founded Fairwood Peninsula Energy Corp. and Delfin Midstream LLC. In his past career, he held the position of Chief Executive Officer of Fairwood Peninsula Energy Corp. and Chief Executive Officer at Delfin Midstream LLC. Mr. Jones was a founder-shareholder of March Rich and Co. AG, now Glencore plc. He is also a former Advisor to the President of OPEC. Mr. Jones was one of the early investors in U.S. shale gas. Together with his partners he developed assets in the Barnett shale starting in the mid-1990s.
Throughout his 40 years of experience in the energy industry, Mr. Jones has developed projects and businesses in LPG marketing, coal bed methane extraction, hydroelectric power, and natural gas. He has led numerous ventures with various public and private entities throughout the world.
SHARE STRUCTURE, FILINGS, LINKS, ETC.
TGLO Share Structure (as of last filing, May 14, 2024)
Common Stock
Authorized Shares: 500,000,000
Issued: 441,480,473
Preferred Stock
Authorized Shares: 3,000,000
Issued: 0
Delfin Midstream Ownership Structure (as of June 12, 2018 - 95.43% reported)
Ownership Reference Document:
https://fossil.energy.gov/ng_regulation/sites/default/files/programs/Delfin_CIC_07_11_18.pdf
Fairwood Peninsula: 30.7%
Talisman (Global Alternative Master 25.5% and Global Capital Master 20.1%; Indirect ownership through Fairwood shares 8.17% ): 53.77%
Frederick Jones (9.3% Delfin Midstream and 1.66% indirect ownership through Fairwood shares): 10.96%
Filings
https://www.otcmarkets.com/stock/TGLO/disclosure
Significant Headlines:
2.13.24 https://lngprime.com/americas/chesapeake-seals-lng-deal-with-delfin-and-gunvor/104761/
"US shale gas producer Chesapeake Energy has entered into an offtake deal with Delfin Midstream, the US developer of a floating LNG export project in the Gulf of Mexico, to supply LNG to Geneva-based trader Gunvor. Chesapeake said in a statement on Tuesday that the LNG export deal includes executed sales and purchase agreements for long-term liquefaction offtake. Under the SPA, Chesapeake will buy about 0.5 million tonnes per annum (mtpa) of LNG from Delfin at a Henry Hub price with a targeted start date in 2028... Delfin said in November it had secured commercial agreements for LNG sales and liquefaction services and the firm was “in the final phase towards FID on its first three FLNG vessels”.
11.27.23 https://www.reuters.com/business/energy/delfin-signs-15-year-lng-supply-agreement-with-gunvor-2023-11-27/
Nov 27- Delfin Midstream Inc said on Monday it had entered into a long-term liquefied natural gas (LNG) supply agreement with global commodity trader Gunvor.....The company secured commercial agreements for LNG sales, liquefaction services and is in the final phase towards final investment decisions (FID) on its first three floating LNG vessels, the release added.
8.26.23 https://maritime-executive.com/corporate/delfin-accelerates-the-development-of-flng-vessels-with-wilson-offshore
Delfin Midstream announced today that it has entered into a design and engineering contract with Wison Offshore & Marine to develop Floating LNG (FLNG) vessels for application on the Company’s Deepwater Port projects currently under construction in North America... Commenting on the announcement Wouter Pastoor, COO of Delfin says: “Wison has been visionary to develop its design, engineering, and construction capabilities for the LNG industry and in particular the floating LNG segment. Sharing our commitment and entrepreneurial spirit, Wison’s goal is to continue into a full FEED later this year such that FLNG vessel construction can start at their shipyard in mid 2024.”
07.11.23 https://www.centrica.com/media-centre/news/2023/centrica-signs-major-lng-supply-agreement/
"Centrica and Delfin Midstream Inc. today announced the signature of a long-term Sale and Purchase Agreement for 1.0 million tonnes per annum (MTPA) of Liquefied Natural Gas (“LNG”) for 15-years on a Free on Board (“FOB”) basis at the Delfin Deepwater Port, located 40 nautical miles off the coast of Louisiana. This agreement will see Centrica take delivery of around 14 LNG cargoes per year and could provide enough energy to heat 5% of UK homes for 15 years."
6.08.23: https://www.globenewswire.com/news-release/2023/06/08/2685156/0/en/Delfin-Enters-Strategic-Investment-Agreement-with-Mitsui-O-S-K-Lines.html
"We are delighted to announce our partnership with Delfin, marking the beginning of a fruitful endeavor together. Drawing on our extensive expertise gained from previous LNG Carrier and FSRU projects and other ventures, we anticipate collaborating with Delfin to successfully drive forward this project toward our initial shared goal of quickly making Final Investment Decision on the first FLNG vessel."
3.27.23: https://lngprime.com/lng-terminals/delfin-plans-to-take-fid-on-first-floating-lng-producer-in-q2/77184/
“With fully termed agreements signed and others under negotiation, Delfin is well on its way to FLNG 1 FID and has laid the foundation for FLNG 2 FID,” the firm said in the presentation. Delfin plans to FID on the first vessel by the end of Q2 2023.
9.30.22: https://pemedianetwork.com/petroleum-economist/articles/gas-lng/2022/delfin-eyes-emerging-us-export-strategy/
9.12.22: https://oilprice.com/Energy/Natural-Gas/This-Large-US-Driller-Just-Made-A-Big-Move-Into-LNG.html
1.19.22: https://jpt.spe.org/delfin-lng-expects-investment-decision-on-floating-lng-project-this-year
10.15.20: https://www.rivieramm.com/news-content-hub/news-content-hub/first-us-floating-lng-export-facility-clears-engineering-feat-61305
6.1.17: https://www.energy.gov/articles/us-department-energy-authorizes-additional-liquefied-natural-gas-exports-offshore-project
https://delfinmidstream.com/wp-content/uploads/2024/06/Delfin-Midstream-Corporate-Presentation-June-2024.pdf
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |