FSRU specialist Excelerate Energy has completed studies for the implementation of the Moheshkhali floating LNG terminal in Bangladesh, following the execution of a contract with Petrobangla.
Completion of the geotechnical and geophysical activities allows the project to remain on schedule to receive its first LNG delivery in early 2018, with financial close targeted for early 2017, Excelerate Energy said in its statement on Tuesday.
These studies are significant components of the project and provide the technical path forward to final engineering and detailed design.
The studies performed confirmed the viability of the project site location, Excelerate’s FSRU and offshore mooring designs, and the overall project cost.
Moheshkhali floating LNG is a joint effort between Excelerate and the International Finance Corporation (IFC, and a member of the World Bank Group) under a joint development agreement.
Under its contract with Petrobangla, Excelerate will fully develop, design, permit, construct, install, finance, and operate the terminal.
Excelerate will provide a FSRU, an offshore subsea buoy system to anchor the FSRU, and a subsea pipeline to interconnect into the onshore natural gas system.
In addition, Excelerate will provide full operational services, including the provision of port service vessels and overall facility management. The FSRU will be capable of delivering natural gas at a base regasification rate of 500 million standard cubic feet per day, with peaking capacity substantially in excess of this.
The project is expecting to achieve financial close on the project in early 2017, which will allow for the construction and installation of the terminal to commence. IFC is mandated to provide and arrange the financing for the project.
Excelerate said it is in final negotiations for the major project contracts including EPC, O&M, and Port Services.