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You guys wanted TGLO mentioned with Delfin? Not the best mention, but here you go:
Vitol has joined the party in support of DOE ext. That's a good sign these players are focusing on DOE decision and not changing course due to MARAD letter.
Thanks, JAB. It's kinda cool that these massive companies are taking the time to support this project. It's game on once they get this extension. ;)
Nope. I asked about the Chesapeake letter, as well, but no one has mentioned it, so I'm guessing no one can access either documents.
DOE posted letter of support from Chesapeake today (4/22/24) but the pdf link is not working for me. Maybe someone who is more tech savvy can get it to work.
Thanks for digging this up. It's very helpful detail, and I think you've pinpointed the crux of the issue, which was partially my point. Clearly Delfin and MARAD disagree on a few details, but it seems that Delfin has been trying hard to play by the rules, but MARAD keeps changing the rules (or moving the goal posts, etc...).
You did warn me, and shame on me for not listening. I remember when X was bashing this down to .03. We both have been here through a lot of crap, but I'll admit, I'm ready for some DMF (Delfin Middle Finger).
A supplemental EIS is still not a new EIS, which is what you were stating (and arguing in terms of timeline). A supplemental EIS will take less time than a new one. Furthermore, Delfin responded in the EA letter (based on DOE filing that you're still not reading) that there were no substantial changes to the project, so again, it might not be as long as you keep insinuating. If there are not many changes to the project (compared to the original final EIS), then there won't be as much to supplement the final EIS. It's that simple. If that's where Delfin and MARAD disagree, that's where a lawsuit begins. ;)
I apologize to the board. I'm done.
Yup! Exactly.
I understand the difference. Do you understand the difference between new and supplemental? They've done a final EIS. They have provided updates to MARAD. MARAD now is requesting a supplemental EIS or EA per their letter (read it again), which is essentially amending or making changes to their original final EIS, if applicable. Engineers may determine that not much has changed or improvements have been made, so they will provide that information as a supplement to the original final EIS. In fact, the Delfin DOE statements below explain that this is the case - not much has changed.....so once again they do not need to go through all the steps of a new EIS.
Also read this from DOE Letter:
Then, on March 30, 2023, MARAD directed Delfin to submit an Environmental Assessment (“EA”) addressing the changes to the
project since the Final EIS so that MARAD and USCG could evaluate whether a Supplemental EIS is needed. Delfin responded rapidly, updating an EA its environmental consultants had already prepared in January 2023, and submitting it to MARAD on April 7, 2023. The submission letter along with the EA requested by MARAD is provided as Attachment 2 to this Request. The letter and the EA demonstrate that there are no substantial changes to the project or
significant new circumstances relevant to environmental concerns that require supplemental NEPA analysis, and that Delfin’s engineering refinements use the best available technology (which is required under the DWPA) and result in equal or lesser level environmental impacts than those analyzed in the Final EIS. In its April 7, 2023 letter (at page 3), Delfin also expressed disappointment at the time taken by MARAD to request the EA, reviewed the project’s strong commercial momentum and negotiation of the EPCI Agreement with SHI and B&V, and explained: “In short, all aspects of the Project are advancing well, positioning us for a
Final Investment Decision for at least our first FLNGV in the coming months. Obviously, issuance of our DWPA license is a crucial part of that process.”
On June 23, 2023, Delfin then, on its own initiative and seeking to be proactive in facilitating the review process, submitted to MARAD an additional supplemental environmental analysis prepared by its consultants focused on GHG emissions. This letter and the accompanying GHG analysis are provided as Attachment 3 to this Request. That analysis details the significant reductions in the project’s direct emissions compared to the Final EIS
analysis based on the preliminary design considered in the ROD. The analysis includes detailed, updated calculations of the Project’s estimated direct GHG emissions during construction and operations, analysis of projected net GHG emissions, and monetization of the emissions using Social Cost of GHG estimates. While explaining that MARAD legally need not consider downstream GHG emissions overseas, the analysis nevertheless addressed life-cycle GHG emissions and explained that DOE’s study of that issue in 201448 (which had been discussed in the ROD) was updated by DOE in 2019,49 and then estimated that Delfin’s project will result in a net decrease of 200 million metric tons of carbon dioxide equivalents being emitted over the life of the Project as a result of fuel switching overseas.
Oh...and I 100% agree that the last line was a middle finger sarcastic line, and yes, I see a lawsuit ahead - a delay one way or the other.
I like your passion. You scare me at times, but I appreciate the perspective. We're all servants, but maybe we can choose who (or what) and how we want to serve. ;)
Fair point about the public. They are not asking for a "new" EIS - they are requesting a "supplemental" EA or "supplemental" EIS....that's a big difference from starting fresh with a new one.
Yes. They explain in the letter the instructions to redline and submit the amended application with supporting materials (read letter that North posted).
I agree 100%. You don't trash an agency like Delfin did in that DOE filing and not expect some form of consequence. Delfin wanted to push this issue because they felt it was the only way to get MARAD to react or respond. I think MARAD felt the pressure and didn't want to give in by just handing them their license. This is a power play. Despite already having all of the required information that they are requesting (based on Delfin's DOE filing), they are making Delfin jump through one more big hoop. We'll see how Delfin decides to play, but I agree we will learn sooner than later, as they now have the attention of senators, and soon governors, etc. Spotlight is now on MARAD, and they will look even worse based on what Delfin has done to already accommodate their insane antics.
LOL and MARAD has already seen it SMH (see below from DOE letter). AND they get to jump over Step 1, Step 2, Step 3a, Step 3b, and Step 3c in their process that you keep insisting is required because they already have completed the intent to prepare an EIS, the draft, and the review of the draft, and the final EIS.
Here's what I'll do. Even though they clearly get to skip steps 1, 2, 3 in their normal process, because Delfin has already created a final EIS and simply need to amend it (which they've done - see below again lol), if this amended application process lasts 356 days (or whatever that odd number is) or more, then I will declare on this board that you are the master of IHUB and that you are right and I am wrong. These board members are my witnesses.
I agree with JAB that one can't argue with Crash. I should know better. I'll move on. I think that once they get the DOE extension that they will most likely file a lawsuit. I read their statements to DOE about MARAD (again), and they are done with MARAD's bullshit. If they can get reassurance on timing from MARAD, they might try to jump through their final hoops, but it might be faster to go through a lawsuit to get what they need. But we wait - as usual.
Read their letter. The process they outline (which I've put below for you) is clearly different - soooo very different - than the process that one has to go through when submitting an original application. Not trying to create hope; I'm just trying to make decisions based on the information we have and the facts. It may take a year or more, but it's clearly not the same process that requires the year timeline.
1. (after redlining their original application) They need to get federal and state to determine that the amended application is complete (which they will get with FERC, DOE, TX and LA already on the same page). Also, Delfin has already submitted updated information for review, so they clearly just need to include their updates in an amended format.
2. A supplemental (which means not the full one or a draft - just what has been updated or changed to their original final EIS - so here's another difference in their process), Environmental Assessment (EA) or Supplemental EIS (SEIS) and the amended application will be made available to the public on the project docket.
3. The public will be afforded an opportunity to comment on the supplemental EA or SEIS and the amended application (skips to step 3d in your world and skipping several other parts of their usual process, as Delfin will not be submitting a draft, etc.).
4. A 45 day period will follow the public hearing during which the Governors may approve, approve with conditions, or disapprove the amended application, and the Environmental Protection Agency's Administrator will also be afforded an opportunity to inform the Maritime Administrator if the deepwater port as proposed would not conform with the applicable provisions of the Clean Air Act, the Clean Water Act, or the Marine Protection and Research Sanctuaries Act. (Delfin has been proactive with this aspect as noted in their DOE letter).
5. MARAD will issue a new Record of Decision within 90 days after the final public hearing.
Sooo not the same as submitting an original application.
It's not the exact same thing, as they are telling them to amend their application, which does not mean they need to go through the entire application process with the same mandatory deadlines that Delfin already went through during their original application. Yes, there will be reviews, etc., with specific timelines, but I do not think the mandatory 356-day clock applies here based on their letter that seems to outline an amended process for their amended application. Furthermore, based on the DOE extension request letter (see Section C) Delfin has already provided MARAD all of the updates on the financing, EA, etc. (and beyond what was requested!). Delfin provided that detailed outline to be on record for a reason. Now we know why they went to such lengths to be on record with their efforts. Either Delfin knew that this was a possibility and will cooperate and submit all of the information (that they've already provided - which will take less time) into an amended application format, or they will file a lawsuit. Either way, we wait.
Devon knew....they knew this delay was coming: "As detailed in its Request, Delfin is a unique LNG export project based on floating liquefaction vessels and structured as a Deepwater Port subject to the approval process of the Maritime Administration."
https://www.energy.gov/sites/default/files/2024-04/Devon%20Energy%20Corp%20comments%20to%20USDOE%20Docket%2013-147-LNG%20dated%204-15-2024.pdf
Circle of crap is right. I mean, if FERC and the DOE approves the structure, why does MARAD care? If that's the case, I see a BIG ASS lawsuit coming.
However, I'm holding out hope based on what they write in the letter. They have had meetings with Deflin in 2023, so NONE of this should be a surprise. I'm also hoping the 9 month timeline is no longer some arbitrary buffer. It's baked in for a reason, and this is the reason. I cannot believe that Delfin, after all these years and millions of dollars spent (including contracts at stake), were naive to this variable. The letter is quite instructional, telling them to redline the changes, etc., and it gives them the timeline. You're probably right about the delays, etc., but I'm going to hope that Delfin (and their attorneys) knew this was coming and have prepared for this final step.
Dino - that's the plan. Look at their SPAs and PRs. Some of the language includes the option to participate in the ownership of specific vessels and operations of those vessels....MOL comes to mind:
Thanks for posting, Rhodan. Chen and Uncleteddy - I agree. This is just more politics, and Delfin needs to jump through some more hoops to make sure they get this done the "proper" way. I'm frustrated that Deflin goes to great lengths to call out MARAD in the extension request and then we get this response from MARAD. Looks like neither want to get blamed for this situation. Either way, total BS move by MARAD if they're just now asking for the amended application, which I find hard to believe after all these years. Total BS if Delfin has known about this request and has been looking to circumvent the request (via pressure campaign in recent letter to DOE and Senators' letters, etc.) just because they thought they already had the ROD and were entitled to the license without any amendments, etc. Maybe it's all part of the plan, and this gives credibility to the need for an extension...now that they have a formal request by MARAD....???
I think people would be chill if you and others were not provoking with your political rants. Fine if you want to complain about Biden's LNG polices, etc. But then you can't stop yourself and have no self control (like your leader) and you have to keep taking it three steps further. Several of you on this board love to attack or blame Democrats, etc., and we usually sit back and look the other way, but when we speak up and defend ourselves, you guys get all bent out of shape and tell us to chill or calm down. That's hilarious to me. You all cry about cancel culture when Republicans are the originalists of canceling the voice of minorities and disadvantaged ("You need to chill, babe"). Now that people are standing up to you, you don't like it. Have some self awareness. Or not....
My opinion is that they will not RM prior to receiving the extension for a lot of the reasons stated here by others. There's too much at stake at this point. My opinion is that Devon or MOL will be a important piece to the FID or RM puzzle. I've got my theories. Devon is getting attention for their ongoing gas interest: https://www.theglobeandmail.com/investing/markets/stocks/DVN/pressreleases/25007591/wall-street-just-got-more-bullish-on-this-high-yield-energy-stock/.
Finally, as many have stated, it's not in their interest to RM before FID. No need to do a TELL if you don't have to, and Delfin does not have to do so. They have some big players backing them, and they will get even more money to come in once they FID and then RM. The RM will attract soooo much more attention with the legitimacy of making FID, with investors guaranteed and in place.
With all of the pieces lining up the way they are, I'm honestly shocked that we are still at .26. I've added 55k in the last two weeks for around .24. I'm going to keep picking some up along the way. Good luck to all!
Here's the specific language about DTC chill concerns after merger:
Good pick, Dino. It's one that I have bookmarked, as it's very detailed. I like how it summarizes the exceptions to the "seasoning" period. You all should read that section and get a sense of what we're expecting. Many here were just hoping that it will go down a certain way, but knowing how the process works and why they will take certain steps to avoid the 1-year seasoning period should give all of us confidence in the eventual R/M and subsequent uplisting.
It's a thankless job, Chen. There's a ton of solid, factual, DD in our intro (unlike other boards that are very pumpy), and people should refer to it more often. Thank you for your continued efforts!
I'm actually glad for these important, knowledgable, and enlightened environmental advocates because they narrow the standards to such an extreme focus that the federal agencies can pat them on their head and then say, "Thanks for your input and the important work that you do, which helps shape our policy as we progress to a zero-emissions world. However, we feel Delfin meets our current level of standards and interests in promoting a cleaner approach to LNG production, creating a bridge of transition toward a cleaner world." You see, Sierra is just a player that is essential to the game. Don't get mad. Get glad....that Delfin is getting the attention and allows DOE to be the adult to know better (after all the politics are put aside - which is all this is - AKA bullsh!t).
No need to call JAB an ignorant talking head. ;)
This made me laugh - thanks!
I was here first and it creeped me out!
Well, I was speaking inaccuracies on purpose in one post about others doing the same here, but I agree that we all try to post factual information about this company. It's too bad that it's become about winning or losing and not about what is right. That's my issue. I agree about Moby Dick, too. ;)
This is the stuff I'm talking about. You're simplifying and generalizing some really significant events to paint a picture that supports your political view. I could try and offer some counterpoint, but it would be met with more false equivalencies, etc. Are we doing this here now on this board? You always get to post your little tirades about Brandon, and simply because this is a Republican leaning board, people sit back and "like" your posts because they're also angry about the economy and the fact that their guy lost in 2020 blah blah blah. What a bunch of babies. Go somewhere else and cry with your MAGA buddies. This board should be about $TGLO. If there is political policy that affects the industry, I get that's part of the deal, so go ahead and complain about it here. I personally can't wait for Brandon to win in November and then see Delfin, before or after, FID and reverse merge during his presidency. Let's Go Brandon! (Sorry Jerry - it's just not fair that only you guys get to misbehave).
Don't worry, Jerry. I'm back to behaving. I wanted to see how others would respond to my inaccurate or misleading statements versus others: An exercise in futility. I'm still an idealist and can admit when I'm wrong and still believe in others. It's a blessing and a curse. Take care.
Oh - you don't like me stating false or misleading statements as facts? Huh....that's so interesting. I'm glad you're smart enough to see the difference when it matters to you and your opinion. Don't get me (a bleeding heart, tree hugging, litard) started on all the people that have been disgustingly abused by the system. We can go round and round in circles. I was making a point, and you're proving my point. Let's Go Brandon!
And yet Brandon does not owe over $500 million to the state of NY for actual fraud and to a woman who he raped. Let's go Brandon, for sure. Wow....