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Oh, haha. I'll take that as a compliment. I genuinely just want all the longs here to be operating with the most amount of factual information as possible. I read some comments sometimes and I can tell that they don't know what's already been established in the mountain of filings from Delfin. The answer for almost anything Delfin related exists on paper somewhere, just got to find it.
I have seen and read that letter in full. It was a part of the document dump included with the DOE extension request. I sent it all over to FedEx and had it printed up. After reading EVERYTHING you can clearly see how they've spent over $100M+, they are clearly the MOST regulated LNG project in North America (no other land based project has to talk to MARAD/CG), and they are probably the most highly competent management group I've ever extensively researched or invested in.
Are you asking me that, or Xune? If me, what causes you to ask something like that? No, I'm not in the S.A.S.
Just to highlight exactly what Delfin is claiming and arguing for in the DOE extension request:
Blue box is the construction start claim-Delfin argues that the existence of the SHI shipyard is equivalent to the existence of a land based LNG facility already under construction. They also point out that starting construction is not a good indicator of commercial viability. I am using Driftwood vs Delfin as an example. Driftwood is "under construction" but has ZERO contracts. Delfin has not started vessel construction yet has an obvious commercial advantage on Driftwood.
Green box is the extenuating circumstances claims- (Going from memory here) Delfin changed their design to no longer use sea water for cooling, and they changed the mooring system to reduce underwater noise by 25%.
Red box is the special issue with MARAD/Coast Guard over final jurisdiction.
But they've already stated the pause does not impact projects with already approved export volumes. According to DOE, Delfin needs to show that they've "started construction" and have a good reason for the delay to receive the extension. However, Delfin is also arguing that the DOE does not have final jurisdiction on the project and should yield authority to MARAD/Coast Guard by granting their extension request (which FERC agreed with and previously did).
Says the guy who just can't stop talking to me.
No, I obviously read it. Then you finish the comment with another one of your gems where you constantly imply they are liars for not doing what they told FERC. Just block me and never respond to me again. Your problem is you don't think people remember all the incorrect or retarded things you say or assert on here. You told me that you did NOT say they "SHOULD HAVE" when you clearly said they "SHOULD HAVE". You're either not competent enough to engage in conversations that require remembering previous comments, or you're contradicting yourself within your own comments which makes conversation impossible. You're now saying you did say "should've" but you negated that should've comment with a later sentence within your comment. So why even make the incorrect statement that they "should've" to begin with IF you actually understand that they cannot? As many have suggested, you're spreading FUD. Or you're super stupid.
When you say they should have made FID before the extension request your implying that it's somehow Delfin's own fault for not doing it. How are they supposed to announce a FID on a project that isn't legally sanctioned and authorized to exist? I'm not the only person here that routinely points out your FUD and blaming of management for everything that isn't their fault. Go buy a piece of property and then go to a bank with your development plans and try to get a loan to fund those plans without the necessary permits or licenses. Let me know what the bank tells you.
Yeah, the condition is license issuance. Obviously. You're making my exact point that I made in my previous comment.
I just think it's important to understand the difference between the internal and external funding of Delfin. Internally, they can and obviously will continue to fund the day to day, up to and (hopefully) including the ability to pay for a slot reservation at SHI. From the inside they likely feel confident enough to do all these things without an extension from DOE or license from MARAD in hand. Externally, I highly doubt anybody from any fund or bank is going to commit hard cash to build the vessels until the extension AND license are in hand.
Saying "if they could've, they would've" implies this is somehow Delfin's fault. It's not hard to see where the issue resides. If you've read the DOE extension document in full you know the studies are complete, the money and support is there for the port and boats, the contracts are there, and 99% of the regulatory requirements are complete. The money simply CANNOT flow until the final 1% is completed by MARAD. Delfin knows all this which is why I've held that they've reached internal FIDs on multiple vessels but cannot announce and act on any of it until the government issues the license. The first vessel cannot be funded until the license is issued. That's just common sense.
Delfin is not a gas producer. The article is referring to Chesapeake, who is about to become the largest U.S. NatGas producer. Delfin is mentioned as a sidenote due to the deal they signed with Chesapeake and Gunvor.
Natural Gas Producers Are Ready To Pounce When Prices Rebound
Despite multi-year low natural gas prices in the United States, domestic producers continue to be optimistic about the long-term prospects of gas as a fuel, both in America and abroad.
Recent deals for LNG supply and midstream expansion point to an optimistic view in the industry about global gas demand and the role the U.S. could play in meeting said demand, despite the halt to LNG permit reviews.
Chesapeake, for example, signed in February its first LNG Sale and Purchase Agreements to buy around 0.5 million tonnes per annum of LNG from Delfin LNG at a Henry Hub-linked price with a targeted contract start date in 2028. Chesapeake will then deliver the LNG to commodity trader Gunvor on an FOB basis with the sales price linked to the Japan Korea Marker (JKM) for a period of 20 years.
Pipeline giant Enbridge announced this week a joint venture to build and operate natural gas pipelines connecting gas supply from the Permian to the U.S. Gulf Coast to tap into growing LNG export demand.
The low prices we are experiencing now are causing us to tuck it in and keep our powder dry,” an executive at an E&P company said in comments to the Dallas Energy Survey.
Survey participants expect a Henry Hub natural gas price of $2.59 per million British thermal units (MMBtu) at year-end, compared to an average price of $1.44 per MMBtu through most of March when the survey responses were collected. Executives see Henry Hub prices at $3.18 per MMBtu two years from now, and at $3.94 per MMBtu five years from now.
No problem. That's just a guess though. Like I said, they have a list of 50 something areas they cover with over 200 attorneys.
I noticed that. What I was actually interested in within that article, and specifically that paragraph, is the apparent connection between Delfin and GAIL via Vitol. I don't know if this is simply a journalist error, or if the volume that Delfin is sending to Vitol is being flipped to GAIL. I've always thought GAIL would be a good fit for Delfin since they appear interested in large equity investments into LNG projects that they can get offtake volume from.
Vitol’s LNG Volumes Soared 24% Last Year on Europe Demand
Vitol’s LNG portfolio “stretches into the 2030s,” Hardy said at the CERAWeek conference in Houston earlier this month. The company will get 500,000 tons per year from Delfin Midstream Inc. in the US starting in 2026. That’s also the same year the trader is set to begin delivering 1 million tons annually to GAIL India.
It is all about the family. The family unit is THE core institution that must be reinstated to its former glory before we can recreate the good times. Also, I'm exactly half your age (38). I hope to be alive in my mid-60's, let alone making babies. Congrats to you my man.
That's why it's important to convert your Federal Reserve Notes (debt) into actual assets like land and knowledge (agriculture, plumbing, welding, carpentry, etc). As I've stated here before, my TGLO "loot" will be going straight to land and infrastructure that will allow my son to make it through to the other side (he's 2 right now).
History is not linear, it's cyclical. There's nothing happening in the world today that hasn't already been happening for thousands of years before us, and will continue to happen for thousands of years after us. The technology and clothing might change, the human condition does not. This is why having faith and belief in something larger than yourself is such an important, key factor in who survives the hard times to go on to create the future good times. Once you realize what all this actually is, you can focus on what actually matters. Hint: it's not on the TV or in a voting booth. Be a good man and protect your family, worrying about the world has never saved it.
Congratulations on posting the board's 50,000th post!
I agree. A private Delfin would be under no obligation to inform the public but personally, I think they will release a joint PR with SHI that's featured on the Delfin website. Then we'll see all the follow-up articles from all the industry sites.
From Korean outlet TodayEnergy:
https://www.todayenergy.kr/news/articleView.html?idxno=269661
Translation:
Samsung Heavy Industries, which is the world's No. 1 competitive company in the floating natural gas liquefaction and production equipment(FLNG) new market, will receive additional orders.
According to foreign TradeWinds reports, two state-owned energy companies, Petronas of Malaysia and YPF of Argentina, have sent an Invitation to Tender(ITT)for the new FLNG Basic Design(FEED)to five engineering companies.
The five companies, including Samsung Heavy Industries of Korea, Saipem of Italy, JGC of Japan, Technip of France, and Wison Group of China, have a bid submission deadline of the end of May. The FEED study is for an annual production of 4 million to 4.5 million tons of FLNG for Argentine input and related onshore facilities are also included in the range.
Samsung Heavy Industries has been able to order five of the six FLNG units that have been ordered to date, and the third has already dried up and finished in India. At the beginning of the year, it was announced that it had received an order for one FLNG from a North American order.
Samsung Heavy Industries has formed a consortium with U.S. engineering company Black&Veatch to enter into an EPC contract for the FLNG, and will perform the FLNG hull and Topside EPC processes.
Samsung is also said to be in recent discussions with U.S. LNG exporter Delfin Midstream about securing an FLNG dry slot. Delfin is expected to sign a slot reservation agreement in the coming months and issue a Work Order(NTP)to Samsung Heavy Industries and enter into an EPCI contract.
Earlier in February, Chesapeake entered a 20-year SPA with Delfin LNG and energy trader Gunvor in support of Delfin’s deepwater project in the Gulf of Mexico. Under the SPA, CHK will buy 0.5 Mtpa of LNG (~65 MMcf/d) from Delfin LNG and deliver it Gunvor for a price linked to the Platts Japan Korea Marker (JKM) used to trade LNG. The volumes represent 0.5 Mtpa of a 2 Mtpa agreement CHK signed last year with Gunvor.[/b
For anybody looking to better understand the DOE/FERC's roles in the exportation of domestically produced LNG, I came across this article. It also goes into possible DOE LNG policies under a Republican or Democrat administration. https://www.csis.org/analysis/us-lng-exports-doe-and-ferc-roles-and-boundaries
Welcome back MWM
I think you're alluding to my comment here so I'll clarify, I was implying that Williams should look into investing into Delfin. I don't think Delfin should be looking at Tellurian for anything other than as an example of how not to be.
Anybody know of an advanced project with massive opportunities for investors?? https://www.reuters.com/business/energy/ceraweek-williams-companies-ruled-out-bid-tellurian-executive-says-2024-03-19/
Honestly, they all are. It's just to who and to what extent.
Looks like phone calls are still going to the Dallas location for Toombs, Hall, and Foster ((214) is a Dallas area code, the old TGLO address is the same as T, H, & F address).
https://www.toombshallandfoster.com/contact.html
He's already told everyone why he does what he does. He has admitted to experiencing physical joy and elation at the loss and pain of others. It's called sadism and it's a clear indicator of potential mental derangement. It's not considered to be a part of the "normal" human condition. I'm not saying stating facts from filings is sadistic. The filings are simply the tool he uses on iHub to create the optimal environment for his predatory behavior.
If this 2% number is correct, the FEED with SHI on a $2.5B vessel is $50M alone. I believe their FEED was a LSTK as well. More comprehensive and detailed means more $$$. There's also the pre-FEED, pipeline maintenance, environmental studies, green house gas studies, salaries, Latham & Watkins, TGLO, etc. Honestly, I thought $100M sounded kind of low.
No problem at all. I just want to reiterate that this is the Record of Decision from 2017, not a recent filing. However, it does show how emphatically "pro" Port Delfin MARAD has been in the past. With nothing changing about the project it's hard to fathom the delay that's occurred. Reading point #2 shows MARAD is aware that Delfin management is overly competent. Plus, when you read that even the Army was consulted about Delfin's project you start to see that there literally might not be a more heavily scrutinized energy project in North America/Europe at the moment. All bc it's on a boat in coastal waters...
For anybody who is interested in looking into all things MARAD/USCG you can use this link here to find all the documents related to Delfin...https://www.regulations.gov/search?filter=USCG-2015-0472
Including the MARAD ROD from 2017
It's a 68 page document that is hard on the eyes. Here is the final conclusion though if anybody would like to read it...
Haha, I was thinking it. You said it. But really though, this Seth guy simultaneously knows that 1) Delfin is signing contracts with pipeline infrastructure companies to underpin their development, 2) he believes they will FID in 2024, but 3) also believes they will be unsuccessful in receiving their extension from DOE. It appears to me that Seth might not be capable of pulling himself out of "analyzing" mode and simply get to a place where he can see the forest for the trees. He holds contradictory viewpoints in his mind at the same time.