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Pair bags PNG FLNG study

Papua New Guinea’s state player Petromin PNG has signed a floating liquefied natural gas (FLNG) deal with a joint venture between South Korea’s Daewoo Shipbuilding & Marine Engineering and Norway’s Hoegh LNG.

The trio will team up to perform a joint feasibility on developing gas reserves in the Gulf of Papua including Interoil-operated Elk-Antelope project, using a LNG floating production, storage and offloading vessel.

The LNG FPSO will be designed to process up to 3 million tonnes of LNG a year.

A final investment decision will be made by year-end on the LNG FPSO project. Construction is expected to take place at DSME’s yard in South Korea and will take about four years to complete.

Tuesday 20 July 2010
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