NextDecade Corporation ("NextDecade") (NASDAQ: NEXT) announced today that the Federal Energy Regulatory Commission ("FERC") has issued a draft environmental impact statement ("EIS") for NextDecade's Rio Grande LNG project in South Texas, as well as the associated Rio Bravo Pipeline to originate in the Agua Dulce area.
The draft EIS issued today was prepared in accordance with statutory requirements in the National Environmental Policy Act. FERC is the primary agency responsible for the review and permitting of LNG facilities in the United States. FERC's rigorous process includes a detailed review of environmental, engineering, social, and other elements of proposed projects.
"We appreciate the FERC staff's continued commitment to the review of our project," said Matt Schatzman, NextDecade's President and Chief Executive Officer. "The draft EIS represents a culmination of several years of analysis and evaluation in conjunction with multiple federal, state, and local agencies and stakeholders."
Mr. Schatzman continued, "This milestone brings us one step closer to achieving a final investment decision on the Rio Grande LNG project, to creating thousands of jobs in the Rio Grande Valley and communities throughout the State of Texas, and to delivering reliable energy solutions to our customers around the world."
According to the notice of schedule FERC published in August 2018, FERC will issue a final EIS on April 26, 2019. FERC has established a 90-day Federal Authorization Decision Deadline of July 25, 2019. Assuming a favorable FERC order, NextDecade anticipates a final investment decision on the project in the third quarter of 2019.
Rio Grande LNG and Rio Bravo Pipeline regulatory timeline
|Section 3(a) 7(c) FERC Application||May 5, 2016|
|Notice of Schedule of Environmental Review||August 31, 2018|
|Draft Environmental Impact Statement||October 12, 2018|
|Final Environmental Impact Statement||April 26, 2019|
|Federal Authorization Decision Deadline||July 25, 2019|
About NextDecade Corporation
NextDecade is an LNG development company primarily focused on LNG export projects and associated pipelines in Texas. NextDecade intends to develop a portfolio of LNG projects, including the 27 mtpa Rio Grande LNG export facility in Brownsville, Texas and the 4.5 Bcf/d Rio Bravo Pipeline that would transport natural gas from the Agua Dulce area to Rio Grande LNG. NextDecade's common stock is listed on the Nasdaq Stock Market under the symbol "NEXT." NextDecade is headquartered in Houston, Texas.
Located at the Port of Brownsville in South Texas, NextDecade's Rio Grande LNG project is expected to be a leader among second wave U.S. LNG projects. NextDecade believes its customers and shareholders will benefit from the project's experienced leadership, proven approach, and optimal location. NextDecade's technology selections are expected to foster operational reliability and afford NextDecade's customers access to abundant natural gas from the Permian Basin, Eagle Ford Shale, and other basins.
CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words "believe," "expect," "intend," "plan," "potential," and similar expressions are intended to identify forward-looking statements, and these statements may relate to the business of the Company and its subsidiaries. These statements have been based on the Company's current assumptions, expectations, and projections about future events and involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include uncertainties about the Company's Rio Grande LNG and Rio Bravo pipeline projects and other matters discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2017 and other subsequent reports filed with the Securities and Exchange Commission, all of which are incorporated herein by reference.
Any development of the projects remain contingent upon completing required commercial agreements; acquiring all necessary permits and approvals; securing all financing commitments and potential tax incentives; achieving other customary conditions; and making a final investment decision to proceed. The forward-looking statements in this press release speak as of the date of this release. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, the Company can give no assurance that the expectations will prove to be correct. The Companymay from time to time voluntarily update its prior forward-looking statements, however, it disclaims any commitment to do so except as required by securities laws.
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