Transborders Gets Oz FLNG Backing
Privately owned Australian company Transborders has had its Generic Floating LNG Solution (Generic FLNG) project granted Major Project Status by the Australian Government, the company said May 8.
“We are very pleased to receive the Major Project designation, and thank the Ministers and the Major Project Facilitation Agency for their consideration and support. We look forward to working with the Australian government to deliver our predetermined, low-cost FLNG Solution for monetising a range of stranded gas resources in the Australian jurisdiction,” Transborders managing director Daein Cha said.
The A$1.6bn ($1.2bn) offshore gas project is expected to increase Australia’s LNG exporters by 1.2mn metric tons per year over a 25 year period from 2025.
It’s planned to be deployed in offshore gas regions of Australia and the granting of the Major Project Status will see the Government help the company navigate the approvals process.
“The Australian Government is dedicated to ensuring Australia’s resource and energy sectors are globally competitive, innovative and continue to create jobs,” Australian minster for resources and northern Australia, Matt Canavan said. The pilot project is planning to have a target resource confirmed this year and be ready for final investment decision by 2020.
Transborders signed a joint study agreement with “a major Asian LNG buyer” to work together on the development of the project, Transborders announced April 16. “The Joint Study allows Transborders to enhance the technical and commercial deployability of Transborders’ Generic FLNG Solution for a range of discovered by stranded gas resources,” the company said at the time.
Specifically, it provides for the parties to work together on the technical and commercial definition of the project and consists of completing a Generic FLNG technical Pre-Front End Engineering and Design that caters to a range of discovered but stranded gas resources and negotiation of key terms of major agreements for underpinning the reserve booking as well as facilitating the final investment decision.