Transborders Energy signs joint study agreement with Mitsui O.S.K. Lines, Ltd.
15 Oct 2019
Transborders Energy (Transborders) is pleased to announce it has entered into a joint study agreement with Mitsui O.S.K. Lines, Ltd. (MOL). This will continue the development of its floating LNG (FLNG) solution and its deployment on a range of stranded offshore gas resource opportunities.
Eduardo Robaina, Executive Vice President Operations of Add Energy says: “We are excited to be involved in the development of this innovative industry solution.
“The support of Mitsui O.S.K. Lines, along with Osaka Gas, Kyushu Electric Power, Technip FMC and Add Energy, demonstrates that key industry players are keen to be involved in the development of innovative business models in the oil and gas industry.”
Transborders’ FLNG solution provides a predetermined 1.3 MTPA FLNG development concept with a package of streamlined commercial and regulatory approval framework (including LNG buyers) to gas resource owners.
Transborders’ Chairman Jack Sato says: “We are very pleased to welcome MOL as a strategic partner to our FLNG solution. In addition to Kyushu Electric Power Company in Japan, participation of MOL, a world-class major shipping line, will definitely underpin TBE’s business model and strengthen the development of our venture. Truly a major step forward.”
Through this joint study agreement, Transborders will collaborate with MOL to perform three key activities:
- Conduct technical pre-FEED with Transborders’ strategic partners TechnipFMC and Add Energy;
- Pre-negotiate key commercial terms of the FLNG Solution with existing/cornerstone study partner Kyushu Electric Power, TechnipFMC and Add Energy; and
- Pursue the deployment of the FLNG Solution on stranded gas resource opportunities.
Upon completion of the Transborders’ FLNG solution development work at the end of 2019, the company will be in a position to convert a range of stranded gas resources into a ‘project sanction (FID) ready’ state within 24 months after FLNG solution deployment, while also allowing LNG buyers access to competitive LNG supply sources.
Add Energy has played a key role in the development of this FLNG solution, specifically by working with Transborders Energy since May 2018 to enhance the technical and commercial definition of the Generic FLNG Solution by:
- Completing technical pre-front end engineering and design (pre-FEED) for the development well scope of the generic FLNG solution
- Completing negotiation of key terms of major agreements for underpinning the reserve booking as well as facilitating project sanction (FID).
Transborders’ FLNG solution development work has obtained in March 2018 “major project” designation from the Australian Federal Government.
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