Integrated energy giant Exxon Mobil has announced that it will apply for regulatory approval for the BlueOcean Energy floating liquefied natural gas receiving terminal, to help to meet the growing energy needs of New Jersey and New York.

The company claims that the project will have the capacity to supply about 1.2 billion cubic feet of clean-burning natural gas per day, enough to meet the needs of more than five million residential consumers.

Anchored approximately 20 miles off the coast of New Jersey, the $1 billion terminal will be far from the shore and away from shipping lanes, ports and recreational areas.

The floating terminal is designed to receive liquefied natural gas (LNG) supplies from double-hulled ships about twice a week, and store the LNG in insulated tanks inside the terminal’s double hull.

The company states that the stored LNG will then be warmed to turn it back into natural gas for delivery to New Jersey and New York markets through a new sub-sea pipeline that will connect to new and existing onshore pipelines.

Ron Billings, vice president of global LNG for Exxon’s Gas and Power Marketing Company, said: We believe that BlueOcean Energy is a unique and innovative solution to meeting the region’s energy challenges. BlueOcean Energy will provide significant economic benefits to New Jersey and New York and will help the region achieve its environmental objectives.