Photo: Port of Newcastle; Image courtesy of EPIK

EPIK enlists WoodMac for southeast Australia’s gas market analysis

South Korea’s EPIK, developer of the Newcastle GasDock LNG terminal in New South Wales, Australia, has engaged Wood Mackenzie to conduct the analysis of the southeast Australian gas market.

The analysis is to be conducted in parallel with EPIK’s commercial efforts seeking terminal capacity subscribers.

EPIK said in its statement on Wednesday it will make a summary of the Wood Mackenzie market analysis available to qualified third parties that sign a non-disclosure agreement and submit an expression of interest in taking capacity at the proposed Newcastle GasDock terminal.

The report will provide detailed insight into the competitiveness of LNG imports into southeast Australia, LNG pricing trends, and demand forecasting.

“Year on year, global LNG trade volume is increasing at a healthy pace and as LNG portfolio and commodity traders review opportunities to sign up for more long-term LNG positions, there is heightened demand for opportunities like the one created by our Newcastle GasDock project which can provide these companies access to markets that will ultimately support their current and future LNG positions,” EPIK managing director, Jee Yoon said.

EPIK anticipates deploying a 170,000-cbm floating storage and regasification unit (FSRU) capable of supplying more than 80 percent of NSW’s current gas demand, with the potential to increase throughput as demand requires.

NSW currently imports approximately 95 percent of its current gas consumption from other States.

In April 2019, EPIK selected Watpac, for the exclusive provision of design, engineering and construction services for the onshore infrastructure components of the project.

To remind, EPIK and Hyundai LNG Shipping formed a strategic partnership in February 2019 to collaborate on FSRU projects around the world including the Newcastle LNG FSRU.

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