Exxon to put floating gas plant off N.J. coast

Exxon Mobil plans to build a floating liquefied-natural-gas plant off the New Jersey coast to import enough fuel to supply 5 million homes. The facility, to be known as BlueOcean Energy, will cost more than $1 billion and will begin operating in about 2015, Exxon Mobil said yesterday in a statement. Demand for gas is rising as governments around the world crack down on greenhouse-gas emissions from coal-burning electricity plants. U.S. gas prices have more than tripled since the 1990s as consumption climbed faster than production, prompting energy companies to increase access to more LNG imports. “BlueOcean Energy will provide significant economic benefits to New Jersey and New York and will help the region achieve its environmental objectives,” the vice president of Exxon Mobil’s global LNG business, said in a statement. The BlueOcean terminal, to sit 20 miles offshore, will be far enough away to be out of sight of coastal residents, Exxon Mobil said. The facility, which will include a plant to vaporize the liquid cargoes, will be clear of shipping lanes and ports, Exxon Mobil said.