New Fortress Energy makes move to build floating LNG producer

Wes Edens-led New Fortress Energy is continuing to boost its LNG business and now has revealed intentions to build a floating liquefaction unit.

The US firm said on Monday it made a final investment decision on a solution called “Fast LNG”.

This move comes just months after the firm revealed a $5 billion deal to buy two Golar units.

The modular liquefaction facility will have 1.4 million tonnes per annum capacity in order to provide a “low-cost supply” of liquefied natural gas for its growing customer base, the firm said.

In addition, the design pairs the “latest advancements” in modular, midsize liquefaction technology with jack-up rigs or similar floating infrastructure, NFE said.

Furthermore, this infrastructure would enable a “much lower cost and faster deployment schedule than today’s floating liquefaction vessels,” it said.

A permanently moored FSU will serve as an LNG storage facility alongside the floating liquefaction infrastructure as well.

Trio gets limited notice to proceed

NFE said it has issued a limited notice to proceed to Fluor, Chart Industries but also Baker Hughes for the construction of the first “Fast LNG” project.

US LNG equipment manufacturer Chart said in a separate statement its order for the project has a price tag of $47 million. The firm will supply process technology, heat exchangers, cold boxes, but also heavy hydrocarbon removal system.

NFE expects the project to become operational in about 20 months.

“Our innovative Fast LNG liquefiers should allow us to produce LNG between an expected $3-4 MMBtu for our growing portfolio of terminals around the world,” said NFE CEO and Chairman Wes Edens.

Edens said NFE can install this technology “quickly and cheaply” to access stranded, low-cost natural gas at a fixed price to meet the global demand for more “affordable, reliable and cleaner” energy.

“Alongside our terrific partners, we look forward to deploying one of the world’s lowest-cost LNG production facilities by 2022,” he said.

Most Popular

South Korea’s Posco says first LNG carrier to start ops in H2

Posco International, a unit of South Korean steel producer Posco, plans to start shipping LNG with its first dedicated LNG carrier in the second half of this year.

Canada’s Cedar LNG names FLNG

Canada’s Cedar LNG, a joint venture of Canada’s Pembina Pipeline and the Haisla Nation, has picked a name for its floating LNG facility, which will be located in the traditional territory of the Haisla Nation, on Canada’s West Coast.

Atlantic LNG shipping rates continue to decrease

Atlantic LNG freight shipping rates continued to decrease this week, while European prices also dropped compared to last week.

More News Like This

Avenir LNG seals charter deal with Excelerate

UK-based small-scale firm Avenir LNG has secured a multi-year extension for its 7,500-cbm vessel Avenir Accolade with US FSRU player Excelerate Energy.

NFE gets non-compliance notice from Nasdaq

US LNG player New Fortress Energy said it had received an expected notice from Nasdaq on non-compliance with the latter’s listing rule for not submitting its quarterly report with the US SEC.

NFE working on two more FSRU charter deals

US LNG player New Fortress Energy is in advanced talks to charter two more floating and regasification units, according to its management.

Excelerate wraps up acquisition of NFE’s Jamaica business

US FSRU player Excelerate Energy has completed its previously announced acquisition of New Fortress Energy's business in Jamaica for $1.055 billion.