Williams to complete two US natgas pipe projects on time in Q4 2024
June 7 (Reuters) - U.S. energy company Williams Cos Inc is on track to complete two natural gas pipeline projects in New Jersey and Louisiana on time by the end of 2024, the company's CEO Alan Armstrong told Reuters at the Reuters Global Energy Transition conference on Wednesday.
Armstrong said the first phase of the 0.83-billion cubic feet per day (bcfd) Regional Energy Access expansion in New Jersey, Pennsylvania and Maryland would provide about half the project's gas to customers in the fourth quarter of 2023.
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He said the second phase was on track to enter service in late 2024. The company estimated the total cost of Regional Energy Access at close to $1 billion.
Armstrong said Williams was also on track to complete the Louisiana Energy Gateway project in Louisiana and Texas in the fourth quarter of 2024.
Louisiana Energy Gateway will provide producers in the Haynesville shale in Arkansas, Louisiana and Texas with more access to the growing number of liquefied natural gas (LNG) export plants on the U.S. Gulf Coast.
"We've been working towards buying our own ... LNG capacity, which we will then turn and parcel out to our producing customers," Armstrong said.
Armstrong said a lot of Williams' gas producer customers want to participate in global markets in Europe and Asia where gas is selling for around $8 per million British thermal units (mmBtu) versus just about $2 at the U.S. Henry Hub benchmark in Louisiana.
In 2022, Williams announced a non-binding agreement to take about 3 million tonnes per annum of capacity in Sempra Energy's Port Arthur LNG export plant in Texas.
"There are still opportunities between us and Sempra but there are other opportunities that we have identified that will be announced ahead of anything with Sempra," Armstrong said.
He did not name the other opportunities.
(Reporting by Scott DiSavino and Stephanie Kelly in New York; Editing by David Gregorio)