Venture Global LNG, TotalEnergies: Your Daily Energy News

News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

LNG
Venture Global Cuts Target Valuation from IPO - Venture Global LNG (Arlington, Virginia) on Wednesday slashed the valuation it sought from a U.S. initial public offering (IPO) to $65.33 billion, significantly lower than the initial target of $110 billion. The revision by the second-largest exporter of liquefied natural gas (LNG) in the U.S. follows days of marketing to potential investors, who baulked at the firm's lofty preliminary valuation. (Reuters)

TotalEnergies' Mozambique LNG Project Faces Delays Beyond 2029 - TotalEnergies SE's (NYSE:TTE) (Courbevoie, France) $20 billion Mozambique LNG project will not be operational by 2029 as hoped, the company said on Wednesday, citing the need to end force majeure and ensure security at the project site. TotalEnergies had previously said that it hoped to lift force majeure and restart construction on the long-delayed liquefied natural gas project by the end of 2024, which would allow it to come online by 2029. However, a US$4.7 billion loan from the U.S. Export-Import Bank has yet to be re-approved, after construction on the project was frozen in 2021 due to violent unrest near the project site. TotalEnergies Chief Executive Patrick Pouyanne told investors in October that force majeure could only be lifted with the project finance fully secured, and that three export agencies had not yet reconfirmed their loans after TotalEnergies negotiated new restart costs with contractors. Subscribers to Industrial Info's Global Market Intelligence (GMI) Production Project Database can learn more by viewing the project report. (Reuters)

POWER
Gore Street Powers Up California BESS Facility - Gore Street Energy Storage Fund plc (London, England) has energized its 200-megawatt (MW) Big Rock energy storage project in Imperial County, California, taking its total energized storage capacity to 621.4 MW. Subscribers to Industrial Info's Power Project Database can learn more by viewing the project report. (Renewables Now)

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About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).