Parallax Energy, a newly formed company based in Houston, Texas, hopes to launch its first major liquefied natural gas project in Louisiana. Parallax, which was created by former UK-based BG Group PLC COO Martin Houston, will begin its Live Oak LNG project in Louisiana. Executives hope to finalize the project in November, and these are the only details Houston would reveal. Houston did say the project is a midsized liquefaction project that Parallax is teaming up with Millennial Energy Partners LLC, based in Houston, Texas.
Parallax will be opening in Houston, Texas’ downtown Total Plaza with about 12 partners and employees, said Houston. The company plans to hire 20 or more employees within the future weeks and months. Houston, who was not given the BG CEO job when the company first opened, said he was ready for something different and to try something on his own. “It’s very liberating. There’s no two ways about it… It’s very exciting, but it’s also slightly scary.” According to Houston, Parallax has “rock-solid funding”, yet he would not reveal how much. He says the company will focus on midsized projects in LNG, including exploration and production, and gas supply and trading. Houston said the company will think globally and has already invested in the Eagle Ford Shale and the Permian Basin in Texas, the Fayetteville Shale in Arkansas, and the Woodford Shale in Oklahoma. To read the full article about Parallax by the Houston Business Journal, click here.