Connect with us

Louisiana

Woodside Sells $5.8B Stake in its Louisiana LNG Project

Published

on

Woodside Sells .8B Stake in its Louisiana LNG Project


 

Australian oil and gas company Woodside Energy is selling down its equity stake in its Louisiana LNG project, starting with the sale of a 40 percent stake to U.S.-based investment firm Stonepeak.

Woodside is getting near to a final investment decision on the LNG production and export project, which it acquired in a $900 million takeover of developer Tellurian last October. The cost of implementing the entire five-train facility near Lake Charles, Louisiana is estimated at $27 billion.

The Australian company says that the sale of the 40 percent stake to Stonepeak is timely. Stonepeak is expected to inject $5.7 billion in capital expenditure into the project, covering 75 percent of the project’s capital needs in both 2025 and 2026.

Advertisement

Woodside says that the stake sale reduces its capital expenditure profile and brings the project one step closer to a FID. Talks continue with other potential partners as Woodside aims to sell another 10 percent stake in the project. Its aim is to retain a 50 percent operating stake in the megaproject, which will produce 27.6 million metric tons per annum (MTPA) when complete.

The transaction is expected to close in the second quarter, subject to a positive FID and the needed regulatory, legal, and other approvals. At that point, Stonepeak is expected to make available $2 billion as part of its capex contribution.

The Louisiana LNG project is being built in four phases. Phase I includes two trains with a capacity to produce 11 MTPA, while Phase II has one train with a capacity of 5.5 MTPA. In December last year, Bechtel was awarded the contract for phases one and two, which are estimated to cost $900 to $960 per tonne of capacity. Construction is already well under way, ahead of a final investment decision. 

“The project represents a compelling opportunity to invest in a newbuild LNG export facility nearing FID approval with an attractive risk-return profile and best-in-class partners in both Bechtel and Woodside to construct and operate the asset,” said James Wyper, Stonepeak Senior Managing Director and Head of US Private Equity.

He added the significant additional capacity from the Louisiana LNG project will be central in further propelling the status of the U.S as a leading LNG exporter. The country exported 11.9 billion cubic feet per day of LNG in 2024, remaining the world’s largest exporter.

Advertisement



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Louisiana

Louisiana pastor convicted of abusing teenage congregant

Published

on

Louisiana pastor convicted of abusing teenage congregant


A Pentecostal pastor in Louisiana charged with sexually molesting a teenage girl in his church has been convicted of indecent behavior with a juvenile – but was acquitted of the more serious crime of statutory rape.

Milton Otto Martin III, 58, faces up to seven years in prison and must register as a sex offender after a three-day trial in Chalmette, Louisiana, resulted in a guilty verdict against him on Thursday. His sentencing hearing is tentatively set for 15 January in the latest high-profile instance of religious abuse in the New Orleans area.

Authorities who investigated Martin, the pastor of Chalmette’s First Pentecostal Church, spoke with several alleged molestation victims of his. But the jury in his case heard from just two of them, and the charges on which he was tried pertained to only one.

That victim’s attorneys – John Denenea, Richard Trahant and Soren Gisleson – lauded their client for testifying against Martin even as members of the institution’s congregation showed up in large numbers to support him throughout the trial.

Advertisement

“That was the most courageous thing I’ve ever seen a young woman do,” the lawyers remarked in a statement, with Denenea saying it was the first time in his career he and a client of his needed deputies to escort them out the courthouse. “She not only made sure he was accountable for his crimes – she has also protected many other young women from this convicted predator.”

Neither Martin’s attorney, Jeff Hufft, nor his church immediately responded to requests for comment.

The documents containing Martin’s criminal charges alleged that he committed felony carnal knowledge, Louisiana’s formal name for statutory rape, by engaging in oral sex with Denenea’s client when she was 16 in about 2011. The indecent behavior was inflicted on her when she was between the ages of 15 and 17, the charging documents maintained.

A civil lawsuit filed against Martin in parallel detailed how he would allegedly bring the victim – one of his congregants – out on four-wheeler rides and sexually abuse her during breaks that they took during the excursions.

The accuser, now about 30, reported Martin to Louisiana state police before he was arrested in March 2023. Other accusers subsequently came forward with similar allegations dating back further. Martin made bail, pleaded not guilty and underwent trial beginning on Tuesday in front of state court judge Darren Roy.

Advertisement

Denenea said he believed his client’s testimony on Wednesday was pivotal in Martin’s conviction, which was obtained by prosecutors Barry Milligan and Erica Moore of the Louisiana attorney general’s office, according to the agency.

As Denenea put it, it seemed to him Martin’s acquittal stemmed from uncertainty over whether the accuser initially reported being 16 at the time of the alleged carnal knowledge.

State attorney general Liz Murrill said in a statement that it was “great work” my Milligan and Moore “getting justice for this victim”.

“We will never stop fighting to protect the children of Louisiana,” Murrill said.

Martin was remanded without bail to the custody of the local sheriff’s office to await sentencing after the verdict.

Advertisement

The lawsuit that Denenea’s client filed against Martin was stayed while the criminal case was unresolved. It can now proceed, with the plaintiff accusing the First Pentecostal church of doing nothing to investigate earlier sexual abuse claims against Martin.

The plaintiff also accused the Worldwide Pentecostal Fellowships to which the Chalmette church belonged of failing to properly supervise Martin around children, and her lawsuit demands damages from both institutions.

Martin’s prosecution is unrelated to the clergy molestation scandal that drove the Roman Catholic archdiocese of nearby New Orleans into federal bankruptcy court in 2020 – but the two cases do share a few links.

State police detective Scott Rodrigue investigated Martin after also pursuing the retired New Orleans Catholic priest Lawrence Hecker, a serial child molester who had been shielded by his church superiors for decades. Rodrigue’s investigation led to Hecker’s arrest, conviction and life sentence for child rape – shortly before his death in December 2024.

Furthermore, Denenea, Trahant and Gisleson were also the civil attorneys for the victim in Hecker’s criminal case.

Advertisement



Source link

Continue Reading

Louisiana

This Japanese partnership will advance carbon capture in Louisiana

Published

on




Newlab New Orleans is deepening its energy-tech ambitions with a new partnership alongside JERA, Japan’s largest power generator, to accelerate next-generation carbon capture solutions for heavy industries across Louisiana and the Gulf Coast, The Center Square writes

The collaboration brings JERA Ventures into Newlab’s public-private innovation hub, where startups gain access to lab space and high-end machinery to commercialize technologies aimed at cutting emissions and improving industrial efficiency.

The move builds momentum as Newlab prepares to open its fifth global hub next fall at the former Naval Support Activity site, adding New Orleans to a network that includes Riyadh and Detroit. JERA’s footprint in Louisiana is already growing—from a joint venture on CF Industries’ planned $4 billion low-carbon ammonia plant to investments in solar generation and Haynesville shale assets—positioning the company as a significant player in the state’s clean-energy transition.

Advertisement

Read the full story. 

 





Source link

Advertisement
Continue Reading

Louisiana

Fed’s ‘Catahoula Crunch’ finished its first week in Louisiana 

Published

on




Federal immigration authorities are keeping a tight lid on key details as “Catahoula Crunch” closes its first week in southeast Louisiana, Verite writes.  

The operation—one of Department of Homeland Security’s largest recent urban crackdowns—began with raids at home-improvement stores and aims for 5,000 arrests, according to plans previously reviewed by the Associated Press. While DHS publicly highlighted arrests of immigrants with violent criminal records, AP data shows fewer than one-third of the 38 detainees in the first two days had prior convictions. 

Meanwhile, advocacy groups report widespread fear in Hispanic communities, with residents avoiding hospitals, schools, workplaces and even grocery stores amid sightings of federal agents.

Advertisement

Business impacts are already visible: restaurants and Hispanic-serving corridors like Broad Street appear unusually quiet, with staff shortages forcing menu cuts and temporary closures. School absenteeism has doubled in Jefferson Parish, and protests have spread across New Orleans and surrounding suburbs as local leaders demand transparency around federal tactics.

Read the full story





Source link

Advertisement
Continue Reading

Trending