Italian FSRU operator says regas capacity fully booked until 2027

Italy’s OLT Offshore LNG Toscana said companies have booked all of the offered regasification capacities at its FSRU located off the coast between Livorno and Pisa until 2027.

In June last year, OLT Offshore allocated 34 slots for each gas year starting from 2023/2024 until 2026/2027.

The firm launched a new expression of interest in February. It offered regasification slots of 155,000 cbm for the period from 2024/2025 up to 2033/2034.

OLT Offshore said in a statement on Friday it held annual and multi-year auctions on April 19 and 20.

Thanks to the results of these auctions, the regasification capacity of 3.75 bcm per year (currently authorized) has been fully allocated until gas year 2026/2027,” the FSRU operator said.

According to OLT Offshore, the firm awarded 7 slots for each gas gear starting from 2024/2025 until 2033/2034.

Also, the awardees have the priority, no later than September 30, 2026, for purchasing capacity for the following gas years at the same allocation price of the product and for the same number of slots awarded, it said.

“The effective allocation of regasification capacity associated with the gas years starting from 2033/2034 is subject to the actual decision of OLT to extend the useful life of the terminal that will be communicated to the requesting user by the end of the gas year 2028/2029,” the firm said.

Authorization for capacity boost

OLT Offshore’s managing director, Giovanni Giorgi, said that the FSRU is contributing the maximum capacity to the country’s energy supply.

“In order to cope with the European energy emergency, we have requested during 2022 to increase the authorized regasification capacity to 5 billion standard cubic meters per year,” he said.

Giorgi said that the company expects to receive final authorization “in the coming weeks”.

He added that this will allow OLT Offshore to make new slots available for future gas years.

The FSRU has a storage capacity of 137,100 cbm and a regasification capacity of 3.75 bcm a year.

It sends regasified LNG to Italy’s national grid via a 36.5 kilometers long pipeline.

Italy’s Snam has a 49.07 percent stake in the LNG terminal, while Igneo Infrastructure Partners owns a 48.24 percent share.

Golar LNG, that provided the FSRU, has a minor 2.69 percent stake in the LNG import facility.

Most Popular

Posco International, Glenfarne ink Alaska LNG pact

US energy firm Glenfarne and Posco International, a unit of South Korean steel producer Posco, have signed a deal to advance a strategic partnership for the development of the Alaska LNG project. This includes initial terms for a long-term heads of agreement for LNG supply.

Monkey Island LNG pens offtake MoU

Houston-based Monkey Island LNG, the developer of a 26 mtpa liquefaction and export facility in Cameron Parish, Louisiana, said it had signed a memorandum of understanding with an unidentified international oil company for the offtake of LNG.

Hudong-Zhonghua gets approvals for new LNG bunkering vessel

Chinese shipbuilder Hudong-Zhonghua has received approvals from five classification societies for a 25,000-cbm LNG bunkering vessel design it jointly developed with French LNG containment specialist GTT.

More News Like This

Italy’s Adriatic LNG to resume full ops by mid-September

Italy’s Adriatic LNG import terminal, owned by VTTI and Snam, expects to resume full operations by the middle of this month following the completion of maintenance activities.

Italy’s Adriatic LNG to boost capacity

Italy’s Adriatic LNG import terminal, owned by VTTI and Snam, will carry out terminal modification work in August to boost its regasification capacity.

Italy’s Adriatic LNG boosts H1 regas volumes

Italy’s Adriatic LNG import terminal has boosted regasified volumes from its facility in the Adriatic Sea in the first half of this year, reaching a new record for the six-month period.

Snam launches Panigaglia LNG truck loading service

Italy's Snam has launched a truck loading service at its Panigaglia liquefied natural gas (LNG) terminal in the province of La Spezia.