05:27 PM EDT, 08/20/2024 (MT Newswires) -- NextDecade ( NEXT ) said late Tuesday it withdrew application at the Federal Energy Regulatory Commission for the proposed carbon capture and storage project at its Rio Grande LNG facility in Texas.

The company also requested FERC to terminate the related proceeding.

The project is "not sufficiently developed" to allow the FERC review to continue at this time, NextDecade ( NEXT ) Chief Executive Matt Schatzman said.