The floating ocean terminal will create significant, long-term benefits for the region with safety and environmental protection as top priorities.
ECONOMIC GROWTH
BlueOcean Energy will add reliable, global natural gas supply options beyond those provided today by long-distance natural gas pipelines. The floating ocean terminal would deliver about 1.2 billion cubic feet of natural gas every day - enough to meet the needs of more than 5 million residential consumers.
With an investment of more than $1 billion, this world-class project will generate economic benefits for the New Jersey and New York region through construction spending, new jobs, taxes and additional natural gas to fuel future growth.
A Rutgers University study, conducted by the Edward J. Bloustein School of Planning and Public Policy, concluded that the proposed floating ocean LNG terminal would have significant benefits for the New Jersey economy.
Rutgers estimated that during the anticipated 30-year life of the LNG facilities, the cumulative economic impacts for New Jersey would be significant, including approximately:
- $3.1 billion in new GDP for the state
- $1.5 billion in compensation for the direct and indirect jobs generated by the terminal's operation
- Nearly $400 million in state and local tax revenues
RELIABILITY
Supplies from BlueOcean Energy will make the region less sensitive to extreme natural gas supply
and demand events, such as hurricanes in the Gulf of Mexico or prolonged winter cold spells in the
Northeast.
During cold weather, current supply pipelines to New Jersey and New York are full.
BlueOcean Energy will provide a large-scale local delivery of natural gas directly into the New
Jersey / New York market.
Without BlueOcean Energy, backup options are limited for any event curtailing an existing
pipeline's ability to deliver at maximum capacity, or an extreme cold spell that spikes demand
for natural gas above current capacity limits.
