Transborders Energy (Transborders) announced earlier today that it has entered into a Joint Study Agreement with Mitsui O.S.K. Lines, Ltd. (MOL) to together continue the development of its Floating LNG (FLNG) Solution and to pursue its deployment on a range of stranded offshore gas resource opportunities.
Transborders’ FLNG Solution provides a pre-determined 1.3 MTPA FLNG development concept with a package of streamlined commercial & 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, Transborders will be in a position to convert a range of stranded gas resources into ‘project sanction (FID) ready’ state within 24 months after FLNG Solution deployment, while also allowing LNG buyers access to competitive LNG supply sources.
Transborders’ FLNG Solution development work has obtained in March 2018 “Major Project” designation from the Australian Federal Government.