Australian company Transborders Energy has signed a joint study agreement with an unnamed Asian LNG buyer to work in collaboration for the development of the company’s Generic Floating LNG (FLNG) Solution.
The new joint study agreement enables Transborders to improve the technical and commercial ability for the deployment of the company’s Generic FLNG Solution for a wide range of discovered but stranded gas resources.
The current deal allows the two parties to work in close partnership in order to improve the technical and commercial definition of the Generic FLNG Solution.
Under the agreement, Transborders Energy and the Asian LNG buyer will have to complete a ‘Generic’ FLNG technical Pre-Front End Engineering and Design (Pre-FEED) that would cater to several discovered but stranded gas resources.
The deal will see to the completion of the negotiation of key terms of major agreements for underpinning the reserve booking in addition to facilitating project sanction (FID).
The involvement of a major Asian LNG buyer in the Generic FLNG Solution development project offers significant credibility, as well as the potential for bankability of the deployment of the Transborders solution in the future.
Transborders Energy managing director Daein Cha said: “We are very pleased to sign this joint study agreement as a key milestone for the business.
“The support of a major Asian LNG buyer is fundamental to the development of Transborders’ Generic FLNG Solution.”
Expected to be completed by early next year, the joint study will provide a sufficiently mature product that can be marketed to resource owners for the development of their resource.
Transborders’ Generic FLNG Solution provides a 1.2 million tonnes per annum FLNG vessel with a package of streamlined processes and commercial agreements.
In addition to the Asian LNG buyer, the company is working with its partners Add Energy and TechnipFMC, and its technical advisor MODEC with an aim to advance the development of the project.