A large number of new floating liquefied natural gas plant projects are queuing up for berths, and other projects are also preparing to start production. The floating liquefied natural gas industry has finally entered the countdown to takeoff.
Floating Liquefied Natural Gas production has been dormant for over a decade, but the next two years are expected to be a critical period for the industry’s development.Golar LNG, which focuses on the production of floating liquefied natural gas, believes that the number of floating liquefied natural gas units is likely to nearly double in the next five years. According to Karl Fredrik Staubo, CEO of Golar LNG, there will be approximately 18 floating liquefied natural gas units by 2030, capable of producing over 60 million tons of liquefied natural gas annually. Currently, there are five FLNG units in operation worldwide, with an annual production capacity of over 12 million tons.
The series of new actions in the new year marks a highly active stage in the FLNG industry, with more projects and investment decisions expected to emerge in the coming years, driving the industry to achieve larger scale liquefied natural gas production.
The first major new ship order announced to be completed in 2024 is the Cedar LNG project controlled by the Haisla Nation, a native of British Columbia, Canada. The project’s FLNG will be deployed at the Montney shale gas field in northeastern British Columbia, with an annual production of approximately 3 million tons and an order price of $1.5 billion.Cedar LNG plant has currently obtained approval from major regulatory authorities and signed a memorandum of understanding to provide long-term liquefaction services for the total liquefied natural gas production capacity of the project. With the signing of the latest agreement, the project has entered the later stages of planning and development, and it is expected that the final investment decision will be made soon.At this point, Samsung Heavy Industries has taken on 4 out of a total of 5 large FLNG orders worldwide, earning it the title of “the strongest FLNG in the world”.
But the engineer in charge of the Cedar LNG project said that this is just the beginning, and at least four liquefied natural gas projects will make final investment decisions in the next two years.They listed some developers, such as Delfin Midstream and Western LNG, planning to launch floating liquefied natural gas units with production capacities of 3.5 million tons per year in the Gulf of Mexico region of the United States and 6 million tons per year on the West Coast of Canada, respectively, in preparation.
The Coral North project in Mozambique is also highly anticipated. Although the progress is slow due to the negotiation between Eni, an energy company, and ExxonMobil, several insiders also stressed that the project is expected to make a decision this year and may become a potential sisters project of the 3.4 million ton/year Coral Sul FLNG unit that Eni has already operated.
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Post time: Mar-06-2024
