US LNG export project developer NextDecade Corporation signed a lease agreement with the Brownsville Navigation District (BND) for its Rio Grande LNG project.
The lease agreement was considered and approved during a meeting of the BND Board of Commissioners, the company said in a statement on Thursday.
The lease agreement, which covers an approximately 984-acre parcel of land in Cameron County, Texas, carries an initial term of thirty years, with two options to renew and extend the term of the lease for periods of ten years each.
On the site in the Port of Brownsville, NextDecade plans to construct, operate, and maintain its large-scale liquefied natural gas (LNG) export terminal, including gas treatment, liquefaction, and other supporting facilities and infrastructure.
Rio Grande LNG is a proposed 27 mtpa LNG export facility to be located on a 984-acre site on the Brownsville Ship Channel in South Texas and will be constructed in phases.
The approximately 137-mile proposed Rio Bravo Pipeline will supply the facility with its feedgas, connecting it to the Agua Dulce natural gas supply area.
Pending the achievements of commercial milestones and receipt of requisite regulatory approvals, NextDecade anticipates making a positive final investment decision on its Rio Grande LNG project by the end of the third quarter of 2019.