Exxon Mobil Corp., the country's biggest oil company, said Tuesday it wants to anchor a floating liquefied natural gas terminal 20 miles (32 kilometers) off the coast of New Jersey.
The receiving terminal would cost more than $1 billion (680 million) to build and be able to supply about 1.2 billion cubic feet of natural gas per day, enough for more than 5 million residential customers, to New York and New Jersey, Exxon said.
If regulators approve the terminal, it would go into operation in the middle of the next decade, Exxon said.
Many power plants built in the last decade burn natural gas, which is seen as cleaner than coal. But high natural gas prices have sent homeowners' electric bills soaring in many parts of the country and have raised concern about power supplies.
Exxon is working on three other liquefied natural gas terminal projects near Sabine Pass, Texas, in Wales, and off the Adriatic coast of Italy.
Exxon has run into opposition from residents and environmentalists at some proposed sites in the United States.
Jeff Tittel, executive director of the New Jersey chapter of the Sierra Club, said his organization was not opposed to liquefied natural gas "because we think it's a lot cleaner than coal" and produces lower emissions of greenhouse gases.
Tittel said the offshore location was an advantage because a terminal on land would be more vulnerable to terrorism.
"If one of them ever exploded, it would pretty much destroy everything within a mile," he said.
The vessel to be anchored off New Jersey is called BlueOcean Energy and will be designed to receive supplies of liquefied natural gas from ships about twice a week. It would be connected to the mainland through a new subsea pipeline, probably reaching shore in New Jersey's Raritan Bay.
The company said the project would help the region gain competitively priced energy and improve air quality by reducing the need for new coal-fired power plants.
The project is at the beginning of what the company called "a lengthy and rigorous permitting process" involving the public, state and federal agencies.
Irving, Texas-based Exxon said the offshore location would keep the terminal away from shipping lanes, ports and recreational areas.
The company said the terminal would be moored in 150 feet (46 meters) of water and wouldn't be visible from the New Jersey shoreline. The location is 30 miles (50 kilometers) from Long Island.
Liquefied natural gas is gas that is cooled until it becomes a liquid, which can be more easily transported in tanker ships. It is later warmed to return to its gaseous state.
Exxon Mobil shares fell $1.75, or 1.9 percent, to $90.28 Tuesday.
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On the Net:
BlueOcean Energy: http://www.blueoceanenergy.com
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