A rich speck of land, the Quintana Island is a 7-mile stretch off Freeport, Texas, into the Gulf of Mexico. For 200 years, the island has transformed from a home to a Mexican fort to a busy seaport shipping out cotton enabled by early Texas farmers. In 2002, Michael S. Smith had entered the island by housing a dozen dilapidated homes accompanied by a bird sanctuary and beach.
It also facilitated the storage of tanks built on a fill dredged from navigation channels. Smith revolutionized the island spending $14 billion, and presently owns a significant interest in Freeport LNG. Freeport LNG has recorded exports of natural Gas up to 2 billion cubic feet daily. Majority of which is the shale Gas utilizing horizontal drilling techniques along with hydraulic fracking. The current market prices represent the daily output worth about $14 million; Freeport LNG acquires $5 million per day in tolling revenue.
Michael S. Smith is a notable contributor to the limited partnership with 63% ownership worth $1 billion. Smith also addresses the initial strategic mistakes in understanding the market wherein he had raised $800 million for building an import terminal, assuming the U.S to realize the shortage of natural Gas. The project was considered obsolete in 2008.
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