Live Oak LNG, a subsidiary of Parallax Energy, is planning to develop new natural gas liquefaction (LNG) and export project near Lake Charles, Louisiana, the US, with an investment of $2bn.

With a plant capacity of up to five million tonnes per annum production, the mid-sized project will feature two 130,000m3 storage tanks, and port facilities with a jetty for standard size liquefied natural gas (LNG) carriers.

Scheduled to begin operation in late 2019, the project will be located within Calcasieu Parish on the west bank of the Calcasieu River.

Live Oak LNG chairman Martin Houston said: "Having worked on the Lake Charles LNG import project, I know Louisiana is a great place to do business.

"Our team has over 100 years of LNG experience, our project is well researched, we are fully funded through to final investment decision (FID), and we are supported by world class experts and suppliers."

Initial study work on the project is being carried out and the permitting process is scheduled to commence within the next few weeks.

Louisiana Governor Bobby Jindal said: "This investment by Live Oak LNG is a welcome addition to the wealth of major industrial projects in Southwest Louisiana that are capitalizing on our state’s energy infrastructure and our outstanding, skilled workforce.

"The global demand for affordable, American-produced liquefied natural gas is on the rise, and Calcasieu Parish is ideally situated to serve that market with its deepwater ports and access to natural gas supplies."