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New post for ex-Atlantic boss
Rick Cape, a former president and chief executive officer (CEO) of the Point Fortin-based liquified natural gas (LNG) company, Atlantic, has been appointed chief commercial officer at Houston-based Magnolia LNG, a release from the Australian parent company, LNG Ltd said yesterday.
“Since the last report and up to this date, the following two significant milestones have been completed: John G Baguley was appointed as chief operating officer and Rick R Cape as chief commercial officer for Magnolia LNG based in Houston, USA. Both executives will report directly to the president of Magnolia LNG, Maurice Brand,” the release said. Cape was the president and CEO of Atlantic LNG for four-and-a-half years ending August 2006.
“Rick R Cape has over 30 years of leadership experience in the oil and gas industry, with some 20 years with the BP group in the USA, UK, Australia and the Caribbean. In 2002, Rick was elected by the shareholders of the one of the world’s largest producers of LNG, Atlantic LNG Company (Atlantic LNG) of Trinidad and Tobago, as president and CEO to lead the growth of Atlantic LNG from one LNG train to its current four-train, 15 million tons per annum (mtpa) capacity.
The Atlantic LNG project is often cited as the breakout project of the late 1990s in terms of driving down the installed capital costs per tonne of output,” the parent company of Magnolia LNG said.
The proposed Magnolia LNG Project will receive natural gas sourced from North America via an existing pipeline and liquefy, store, and deliver it as needed to LNG carriers for export overseas; LNG carriers and barges for domestic marine distribution and the possibility of LNG bunkering; and LNG trucks for road distribution to LNG refueling stations in Louisiana and the surrounding states. The project will include four 2-mtpa LNG trains.
LNG Ltd is an Australian stock exchange-listed company whose portfolio consists of 100 per cent ownership of assets in the US and Australia. Magnolia LNG is the US-based wholly owned subsidiary, which is developing the Magnolia LNG Project—an 8 mtpa LNG export terminal, in Lake Charles, Louisiana. LNG Ltd also wholly owns Gladstone LNG Pty Ltd, which is developing the Fisherman’s Landing LNG (FLLNG) Project at the Port of Gladstone in Queensland, Australia.
Another LNG Ltd asset in Australia is LNG Technology Pty Ltd, which developed and owns the company’s trademark LNG liquefaction process, a mid-scale LNG business model that plans to deliver: lower capital operating costs; faster construction; and improved efficiency, relative to larger traditional LNG projects. Oscar Prieto succeeded Cape at Atlantic in 2006. Prieto was subsequently succeeded by incumbent Atlantic CEO Nigel Darlow in 2011.
BP, the BG Group, Repsol, Suez, and the National Gas Company (NGC) established Atlantic LNG in 1999 to liquefy natural gas for export. Suez has since sold its stake to the state-owned China Investment Corporation and Repsol completed the sale of its stake to Royal Dutch Shell in January this year.