“PNG Floating LNG” project approved

The project consists of an LNG Floating Production Storage and Offloading (FPSO) vessel with an annual production capacity of 3 Mtons/Y to be installed in the Gulf of Papua.

PNG FLNG has been approved as a standalone LNG project and is designed to commercialize gas fields within and adjacent to the Papuan Basin. In November this year, the Partners signed a Joint Development Agreement (JDA) for the ownership, development and construction of their LNG FPSO as a solution for fast-track development of Papua New Guinea’s extensive undeveloped gas resources.

Over the last four years Höegh LNG has together with partners, including DSME, developed the LNG FPSO design and technology. The vessel and the processing systems will be constructed at the DSME ship yard in South Korea, and will be capable of producing up to three (3) million tons of LNG annually, and has storage capacity of 220,000 cubic meters, and the partners’ objective is to have the unit in operation by mid 2014.

After NEC approval the “PNG FLNG” project will now enter into its next phase of development which consists of negotiating and agreeing on a Project Agreement with the PNG Government, to sign gas supply agreements with upstream owners, as well as offtake agreements for the LNG. These activities are well advanced and the partners of the PNG FLNG project are very pleased to see that the project is already experiencing strong interest from the market.

The Cooperative Development Agreement partners Petromin PNG Holdings, DSME E&R and Höegh LNG confirm that the Papua New Guinea’s National Executive Council (NEC) has approved its “PNG FLNG” project.

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