Monday 21, January, 2013
Liquefied natural gas regasification vessels project boom promise lucrative returns for companies active in the region
As international demand for liquefied natural gas (LNG) imports dramatically increases, a new means for countries to access the market is creating a wave of new projects in the Middle East. Floating Storage Regasification Units (FSRUs) are vessels moored offshore that allow LNG carriers to unload their cargo, regasify it and pipe it inland without the need for expensive and time-consuming onshore regasification plants.
As governments and private companies understand the benefits of a faster, cheaper and more flexible means of importing LNG, we are experiencing a boom of international FSRU projects.
“FSRUs represent an economic and flexible approach to ensuring gas supplies, either as a stand-alone measure or in combination with other supply options, which is why FSRUs are becoming an increasingly important and popular part of the LNG industry” comments Conn Fagan, Vice President, Floating Gas Projects, Det Norske Veritas, Norway.
The Middle East is a hotspot for activity with projects planned and tendering in Lebanon, UAE, Egypt, Turkey and Jordon among others. International FSRU project experts are convening in response to this flurry of project activity at the FSRU International Conference on 18-21 February 2013 at the Movenpick Hotel JBR, Dubai, UAE.
With already over 20 FSRU developments in 7 years, an order book far exceeding this and future planned projects multiplying exponentially, extremely lucrative returns are becoming available for all parties involved in FSRU projects.
Among the speakers is Keiron Ferguson, Chief Commercial Officer, Excelerate Energy, UAE. Excelerate Energy has a shipbuilding agreement with Daewoo Shipbuilding & Marine Engineering for delivery of eight FSRUs in 2015-17 for new projects, in addition to the company’s already operating fleet of nine FSRUs around the world.
He will be joined by Jakob Stampe, Director, Regas, Höegh LNG Asia, Singapore. Höegh LNG has four FSRUs on order at Hyundai Heavy Industries and among other projects is currently involved in the Lampung FSRU project in Indonesia and the Klaipedos Nafta FSRU project in Lithuania.
Delegates at the event include international Ministry of Power/Petroleum representatives from Indonesia, Nigeria, Egypt, Yemen and Jordan among others, as well as companies who already utilize FSRUs such as Kuwait Petroleum Corporation (KPC) and Dubai Supply Authority (DUSUP).
“This event provides the opportunity for delegates to familiarize themselves with the technologies and commercial factors making FSRU a credible solution for countries eager to enhance their energy mix by using a fast track and flexible solution” notes Ali Abdallah, Business Development Deputy Manager, Middle East & Africa, GTT (Gaztransport & Technigaz SAs), France, also a speaker at the event.
Conference field Trip Sponsor Drydocks World offers delegates the unique opportunity to view its completed conversion work of Golar LNG’s carrier ‘Golar Frost’ into an LNG floating storage and regasification unit; FSRU Toscana.
The FSRU will be located offshore Livorno, Italy, and will be towed there from Dubai on 1 March 2013, with a regasification capacity of 3.75 bcm p.a. which is equivalent to 5% of the annual national requirement of Italy.
Also included in the field trip is the opportunity to view Drydocks World’s pioneering work on the turret mooring system for Shell’s pioneering ‘Prelude’ floating liquefied natural gas (FLNG) facility – the world’s first and largest. It is being built as six modules at the Dubai shipyard and will be shipped to Samsung Heavy Industry's yard in Korea, where these will be integrated into the FLNG facility, destined for the Browse Basin, Australia.
The event provides masterclasses for delegates who require further training in FSRU projects from industry veterans Brian Songhurst, Director LNG, Energy & Power Consultants, UK, and Bruno Dabouif, Vice President, Marine Division, Bureau Veritas, France.
To find out more about the event visit www.iirme.com/fsru