Daewoo confirms LNG floating facility venture

Business, Normal

The National – Friday, December 24, 2010

SOUTH Korea’s Daewoo Shipbuilding and Marine Engineering Energy and Resources (DSME E&R) has confirmed receiving approval by the Papua New Guinea government to participate in a project to develop offshore gas fields in the Gulf of Papua using a floatation liquefied natural gas product unit.
Parent Daewoo Shipbuiliding and Marine Engineering Co Ltd said on Monday in a statement that DSME E&R and Norway’s Hoegh LNG jointly signed the project deal with state-owned oil company Petromin in July to investigate prospects for offshore LNG production.
The project is estimated to produce up to three million tonnes per year.
Petroleum and Energy Minister William Duman announced on Monday that the National Executive Council had approved the introduction of floating production storage and offloading (FPSO) technology in an effort to provide an option to gas licenced owners in the Gulf of Papua and the Papuan Foreland Basin whose gas fields were not affected by the PNG LNG project to monetise the gas earlier.
He said both DSME and Hoegh had completed the front end engineering and design on the hull and topside of the processing facility and only in-country Feed on the pipeline and mooring facilities would be completed by the end of next year.