Bill Offering $23 Million in Incentives for Eagle LNG's Jacksonville Export Facility Filed With The City Council 11/21/2019

A bill that extends $23 million in incentives for Eagle LNG's Jacksonville export facility was filed today with the City Council.  City Council President Scott Wilson filed Ordinance 2019-844 on behalf of Mayor Lenny Curry, requesting a $23 million Recaptured Enhanced Value Grant for the project.

A project summary drafted November 4 by the city Office of Economic Development and released November 8 states Eagle LNG will invest $58 million in site facilities and install about $484 million in manufacturing equipment.

If approved, the legislation will refund Eagle LNG 50% of the increase in the site’s property taxes the first 10 years the facility is in operation.

ExxonMobil and Shell Forced to Delay Rise In Vaca Muerta Production Until Political Outlook Becomes More Clear 11/21/2019

ExxonMobil and Shell stated they want to ramp up oil and gas production in Argentina's Vaca Muerta shale but have suspended activity due to a lack of clarity on the incoming governments' economic and energy policies. 

"The resource has great quality... the same or better quality than wells in the U.S.," says Daniel De Nigris, head of XOM's operations in Argentina. 

The South American nation's financial crisis combined with regulatory uncertainty, capital controls, high taxes, and price caps have made it tougher to plan business and make a profit. 

Shell's head of operations in Argentina stated that tight access to financing represents a major challenge as it has already slowed a project to construct a 40 Mcm/d pipeline for increasing gas deliveries out of the Vaca Muerta.