New Houston energy company to launch first LNG project in Louisiana

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Former BG Group COO Martin Houston is leading the new Houston-based Parallax Energy.

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Jordan Blum

Reporter- Houston Business Journal

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Newly launched Parallax Energy in Houston is eyeing Louisiana for its first major liquefied natural gas project that could be finalized in November.

Parallax, which was formed by former UK-based BG Group PLC COO Martin Houston, will soon launch its Live Oak LNG project in Louisiana, although Houston is not revealing details yet.

He would only say that it is a midsized liquefaction project in which Parallax is partnered with Houston-based Millennial Energy Partners LLC, which was formed in 2012.

Parallax Energy is opening in downtown's Total Plaza with about a dozen partners and employees, Houston said, with plans to hire another 20 or so within the coming weeks and months.

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Houston was not given the BG CEO job when it came open in 2012, and he left at the end of 2013 before this year's leadership shakeup at BG.

"There comes a time when you just want to do something different," Houston said. "I sort of fancied having a crack at it on my own.

"It's very liberating. There's no two ways about it," he added. "It's very exciting, but it's also slightly scary."

Parallax has raised what he calls "rock-solid funding" but Houston would not disclose how much. The company will focus on midsized projects in the LNG space, ranging from exploration and production to gas supply and trading.

"We expect to fill this trade floor and be a credible player," Houston said.

Parallax will think globally, he said, but the company already has some investments in Texas' Eagle Ford Shale, the Permian Basin, the Fayetteville Shale in Arkansas, and the Woodford Shale in Oklahoma.

Jordan Blum covers energy for the Houston Business Journal. Read the top Texas energy news in our free weekly newsletter, Energy Inc. Click here to subscribe to the Energy Inc. newsletter.