Transborders Energy Inks Joint Study Agreement With MOL For Development Of Its FLNG Solution
For the development of it’s Floating Lng (FLNG) Solution and to deploy it on a number of stranded offshore gas resource opportunities, Transborders Energy (Transborders) has entered into a Joint Study Agreement with Mitsui O.S.K. Lines, Ltd. (MOL).
A pre-determined 1.3 MTLB FLNG’s concept of development along with a package of the commercial and regulatory framework that is approved to owners of gas resources is provided by Transborders’ FLNG Solution.
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, the 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.”
According to the Joint Study Agreement, the three activities that Transborders will perform in collaboration with MOL are:
To conduct technical Pre-FEED with Transborders’ strategic partners TechnipFMC and Add Energy;
To pre-negotiate with Kyushu Electric Power, TechnipFMC and Add Energy, the existing study partners, the main commercial terms of the FLNG Solutions; and
To begin with the deployment of the FLNG Solution on stranded gas resource opportunities.
A range of stranded gas resources can be converted into ‘project sanction (FID) ready’ state within 24 months after the development work of the Transborders’ FLNG Solution is completed by the end of 2019. This will also allow access to competitive LNG supply sources for LNG buyers.
The ‘Major Project’ designation was given to the development work of Transborders’ FLNG Solution by the Australian Federal Government in March 2018.
PR Reference: transbordersenergy