Transborders Energy has signed an agreement with Mitsui OSK Lines (MOL) to jointly commence the development of its floating liquified natural gas (FLNG) solution.
The two entities will also execute the deployment of the solution on a range of stranded offshore gas resource opportunities.
Transborders’ FLNG Solution is a 1.3Mtpa FLNG development concept equipped with a package of structured commercial and regulatory approval framework to gas resource owners.
Transborders chairman Jack Sato said: “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.”
Under the agreement, Transborders will partner with MOL to conduct technical Pre-FEED with the former’s strategic partners TechnipFMC and Add Energy.
The company will pre-negotiate the major commercial terms of the FLNG Solution with existing / cornerstone study partner Kyushu Electric Power, TechnipFMC and Add Energy.
It will also carry out the deployment of the FLNG solution on stranded gas resource opportunities.
The FLNG solution’s development work is expected to be completed at the end of this year. Once complete, Transborders will be capable of converting a range of stranded gas resources into ‘project sanction (FID) ready’ state within 24 months after the FLNG solution’s deployment, creating LNG buyer access to competitive LNG supply sources.
Transborders’ FLNG solution development work was designated as a ‘major project’ from the Australian Federal Government in March 2018.
Last April, Transborders signed a joint study agreement with an unnamed Asian LNG buyer to work in collaboration for the development of the company’s Generic FLNG Solution.