Venture Global & The Approaching Nexus - Drone & Satellite Image Analysis, Engineering Changes - Q320 - Webber Research
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Venture Global & The Approaching Nexus – Drone & Satellite Image Analysis, Engineering Changes – Q320

July 2020

Total Pages: 27

Table Of Contents

  • Calcasieu Pass Update – Key Takeaways
  • Calcasieu Pass –  Module Overview
  • Importance Of The Notification Window
  • Engineering Changes: Pre-Treatment Modules
  • Engineering Changes: Liquefaction Modules
  • Technical Analysis: Changes & Impact?
  • Satellite Image Analysis – BH Module Yard
  • Drone Image Analysis – Site Prep Update
  • Remaining Questions
  • Scenario Analysis & Predictions 
  • Disclosures                                                                                                                                                      

Key Takeaways:

1) We believe there’s a path to success (and underestimating Venture Global has been generally been a dangerous proposition) – however the late-stage engineering changes create a risk that’s worth watching.

2) Directly or indirectly, we believe the ultimate resolution to Calcasieu Pass will impact several aspects of the LNG supply chain – including competing projects, technology providers, and EPC partners. (page 22)

3) Module Delivery Sequencing Is Important. For context, KMI/Elba Island provided liquefaction modules to their EPC contractor (IHI E&C) 11-months late, which contributed to claims & >$300MM in forecasted change orders.

4) BKR’s Module Fabrication. Satellite images suggest Baker Hughes is installing….. (pages 14-17)

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