The MPS signifies the Australian Commonwealth government’s recognition of a project’s national significance.
Christian Porter, Minister for Industry, Science and Technology, granted the renewal on the basis that the project can contribute to Australia’s burgeoning FLNG industry, with benefits to the economic development of regional Western Australia and the Northern Territory.
With partners Kyushu Electric Power, Mitsui O.S.K. Lines, Technip Energies, SBM Offshore and Add Energy, Transborders Energy claims to be able to convert stranded gas resources into ‘project sanction (FID) ready’ status within 24 months following the FLNG Solution deployment.
This is based on a pre-engineered, around 1.5 MM metric tons/yr (1.65 MM tons/yr) capacity vessel.
The FLNG solution is said to minimize the engineering time and cost of monetizing the gas resource, also providing the owner with a reduced development scope/funding requirement.
In addition, the change in status from stranded to commercially viable should increase the resources’ value by seven-15 times, the company claims, based on industry precedent transactions.