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Webber Research: Venture Global LNG – Plaquemines Parish Q422 Project Update

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W|EPC: Energia Costa Azul (ECA) Phase 1 – Q422 Project Update

Access Full Report: Energia Costa Azul (ECA) Phase 1 – Q422 Update

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Webber Research: Qatar LNG NFE Expansion – Q322 Project Update

 

 

 

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Webber Research: Hydrogen Tracker Highlights:

  • Recent Highlights                                                   (page 1)
  • LH2 Carrier Progress                                             (page 3)
  • M&A Tracker                                                          (page 4)
  • Valuation Summaries                                             (page 5)
  • Hydrogen Production Costs From Fossil Fuels     (page 6)
  • Hydrogen Production Costs From Renewables    (page 7)
  • Hydrogen Projects & Electrolyzer Tech                 (page 8)
  • Fuel Cell Technology Comparisons                      (page 9)

    Recent Highlights
    NKLA Breaks Ground On Coolidge Facility: On 7/23 NKLA announced it began construction on its 1MM sqft…… 
    NEE Eases Into Hydrogen: On 7/24 NEE proposed a $65MM pilot green hydrogen plant with a 20MW electrolyzer in Florida…. 
    MSFT To Replace Diesel Backup Power With Hydrogen: On 7/27 MSFT announced it successfully powered a row of data center servers for 48 consecutive hours with a 150kw hydrogen fuel cell system….
    Linde To Build Refueling Station For World’s First Hydrogen Passenger Train: LIN will build and operate the station and is expected to begin construction in…                                                                            BKR & Snam Complete Testing On Hybrid Hydrogen Turbine: On 7/20 BKR and Snam announced the successful testing of the hybrid hydrogen-powered NovaLT12 turbine 

 

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W|EPC: Venture Global & The Approach Nexus – Drone & Satellite Image Analysis, Engineering Changes Q320

W|EPC: Venture Global – Nexus Approaching Drone &Satellite Image Analysis, Engineering Changes Q320

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• Calcasieu Pass Update – Key Takeaways (slide 2)
• Calcasieu Pass LNG Module Overview (slide 3)
• Importance Of Notification Window (slide 4)
Engineering Changes: Pre-Treatment Modules (slide 5)
Engineering Changes: Liquefaction Modules (slide 7)
• Technical Analysis: Changes & Impact? (slide 9)
Satellite Image Analysis – Baker Hughes Module Yard (slide 13)
Drone Image Analysis – Site Prep Update (slide 18)
• Remaining Questions (slide 23)
• Scenario Analysis & Predictions – Rubber Starting To Meet The Road? (slide 25)
• Disclosures (slide 27)

Key Highlights:
• Venture Global: The Looming EPC Nexus…
• Drone Image Analysis:
• Calcasieu Pass Outlook
• Consequential Damages, Predictions & Conclusions

Copyright: PLEIADES © CNES (2020), Distribution Airbus DS & W|EPC Analysis

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W|EPC: Force Majeure & The LNG Supply Chain: Scenarios For BH, Kiewit, & Venture Global

Reviewing Satellite Images Of Italian Fabrication Yards & Force Majeure Flow Charts

• Supply Chain Overview                                                                                    Pages 1-2
• Satellite Images: BH’s Fabrication Yard In Avenza, Italy                              Pages 2-4
• Implications Of Calcasieu’s Unique Contractual/Structural Dynamics     Pages 3-5
• Force Majeure Flow Charts: Wrapped vs Unwrapped                                Pages 4-5
• Pertinent Questions From Here                                                                       Pages 5-6

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The LNG Supply Chain & Force Majeure Dominoes. Given the continued, rolling implications of the global response to COVID-19, we thought it was worthwhile to examine potential points of friction as it pertains to the implications of Force Majeure (FM) declarations on large-scale, multi-faceted LNG export projects. We believe such a scenario is relevant for Venture Global’s Calcasieu Pass (CPLNG) project given its globally linked supply chain – including its liquefaction modules which are being fabricated at a Baker Hughes (BH) fabrication facility in Avenza, Italy. (Satellite images on Pages 2-4)

Venture Global’s Potential FM Predicament Is Unique. A typical, fully wrapped, EPC contract would typically just keep an owner on the hook for extensions to a contractor’s guaranteed completion date. However, the less expensive, decentralized contracting structure that Venture Global has assembled for CPLNG could potentially expose the project to contractors looking to recover mitigation and prolongation costs. (Pages 2-4)

Implications Of FM Claim For BH, Kiewit, & VG. We believe work on CPLNG’s modules was still progressing last week (with non-essential personnel working from home), given the escalation in restrictions we believe those productivity dynamics are (justifiably) fluid. Should BH file a successful FM claim, it would most likely be granted… (Pages 3-6)

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