Delfin moves closer to FIDs on two floating LNG producers after MOL deal

Delfin Midstream, the US developer of a floating LNG export project in the Gulf of Mexico, has moved closer to taking final investment decisions on two floating LNG producers after it secured an investment from Japan’s shipping giant MOL.

According to a joint statement issued on Thursday, MOL will make an investment in
Delfin and Suryan Wirya-Simunovic will join Delfin’s board of directors.

Wirya-Simunovic is MOL’s executive officer for energy related business for Europe, Americas, and Africa, and has over 30 years of experience in energy and maritime sectors, the statement said.

The two firms did not provide any details regarding the investment.

MOL said it had completed extensive due diligence of the entire Delfin LNG project, and its investment represents “further testament to Delfin’s ability to execute on its project objectives.”

The agreement also provides MOL with the opportunity to make additional investments directly in Delfin’s FLNG vessels and establishes a framework for MOL to assist in the construction and operation of these vessels, the statement said.

Dudley Poston, CEO of Delfin, said that proceeds from MOL’s investment will be used to accelerate making final investment decisions on the company’s first two FLNG vessels this year.

Takeshi Hashimoto, president and CEO of MOL, welcomed this partnership with Delfin, marking the beginning of a “fruitful endeavor together”.

“Drawing on our extensive expertise gained from previous LNG carrier and FSRU projects and other ventures, we anticipate collaborating with Delfin to successfully drive forward this project toward our initial shared goal of quickly making final investment decision on the first FLNG vessel,” he said.

Up to six FLNGs

In April, Delfin Midstream’s unit Delfin LNG signed a binding long-term deal to supply LNG to a unit of Hartree Partners.

Delfin said at the time it secured commitments for 3.1 mtpa of LNG sales which is sufficient to make final investment decision on the first FLNG vessel for the Delfin Deepwater Port LNG export facility.

The firm said it expects to make FID in mid-2023.

Delfin plans to install up to four self-propelled FLNG vessels that could produce up to 13.3 mtpa of LNG or 1.7 billion cubic feet per day of natural gas as part of its Delfin LNG project.

The firm also aims to install two FLNG units under the Avocet LNG project.

Last year, Delfin signed a $3 billion long-term deal to supply LNG to a unit of energy trader Vitol, as well as a HOA with Centrica.

The firm also entered into a deal in September with US oil and gas producer Devon Energy for long-term liquefaction capacity, but also a pre-financial investment decision strategic investment.

Most Popular

Venture Global’s Plaquemines LNG wraps up $4 billion notes offering

Venture Global's unit Plaquemines LNG has closed a $4 billion offering of senior secured notes.

Argentina’s Enarsa to spend $567 million on LNG purchases

Argentina's state-owned LNG importer, Energia Argentina (Enarsa), will spend $570 million to purchase 22 liquefied natural gas (LNG) cargoes from BP and TotalEnergies this year.

Shell’s LNG Canada to ship second cargo

Shell-led LNG Canada is expected to soon ship the second cargo of liquefied natural gas from the Kitimat facility on the west coast of Canada, according to shipping data.

More News Like This

Delfin inks new deals for US FLNG project, eyes FID later this year

Delfin Midstream, the US developer of a floating LNG export project offshore Louisiana, is moving forward with the project by signing new deals with Siemens Energy, Samsung Heavy, and Black & Veatch.

KARMOL takes delivery of fourth FSRU

KARMOL, a joint venture of Turkiye's Karpowership and Japan's MOL, has taken delivery of its fourth floating storage and regasification unit in Singapore.

Delfin seeks new DOE extension, eyes FID on first FLNG in August

Delfin Midstream, the US developer of a floating LNG export project offshore Louisiana, is seeking an additional extension from the US Department of Energy. The company is looking to make a final investment decision on the first FLNG in August.

KARMOL’s FSRU named in Singapore

KARMOL, a joint venture of Turkiye's Karpowership and Japan's MOL, has named its latest floating storage and regasification unit at Seatrium's yard in Singapore.