There is money to be made in LNG importing, gassifying and distribution. Prices are only going up and like it or not, winter's coming. As long as there is money to be made - however far in the future - they will find a way to build this plant.
In a statement Friday, the company said, "Compass Port remains an attractive location and the decision on whether or not to proceed with the re-filing of the application will be made after consideration of all the economic factors." If ConocoPhillips decides not to go on with the project, another energy company may well seize the opportunity.
Big news for Dauphin Island, Alabama fans today.
ConocoPhillips had been proposing a Liquefied Natural Gas regassification facility based on environmentally questionable technology to be built at Compass Point, 12 miles south of Dauphin Island. The company's proposal to build the terminal had come with an attractive package of economic incentives for the State of Alabama. Environmental groups were opposed to the facility as proposed because they felt the open-loop technology would be harmful to the Gulf of Mexico ecosystem. Open loop regassification technology uses seawater to melt natural gas frozen for transportation.