Flex LNG delays FID for world’s first floating LNG plant

OSLO: The joint venture behind what was touted as the world’s first floating liquefied natural gas (LNG) plant have decided to postpone the final investment decision (FID) on the project, which was due by the end of December 2008.

The joint venture decided to review the FID timeline due to the “complicated nature of structuring the world’s first floating LNG project,” Oslo-listed Flex LNG said in a statement. Peak Petroleum and Mitsubishi Corp.are partners to the LNG project originally planned to develop the Bilabri, Owaneri and Orobiri gas fields off Nigeria. The FLNG plant was granted approval from the Nigerian Department of Petroleum Resources in November. Flex LNG had awarded Samsung Heavy Industries Co. Ltd. (SHI) a contract worth about US$600 million for the engineering procurement construction installation and commissioning work on a FLNG unit earlier this year. SHI is commissioned by Flex LNG to build the hulls of three FLNG units. The first hull is due for delivery in September 2011.

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