Teekay and Merrill to develop FLNG

Canadian-based tanker owner Teekay is set to develop a floating liquefied natural gas plant with Merrill Lynch to be moored alongside a pier near Kitimat in British Columbia.

The pair will jointly convert the S/S Arctic Spirit and Teekay LNG Partners L.P. will have an option to participate in the project as well. The converted vessel would have the production capacity to liquefy between 75 million and 100 million standard cubic feet per day of pipeline quality gas, or, approximately 0.5 million tonnes per annum of LNG. “The vessel is one of only two LNG carriers with the self-supporting prismatic type B cargo containment system, which should be ideal for floating LNG,” said Teekay’s vice president of gas services Mark J. Kremin. “The potential to produce the world’s first floating LNG unit in British Columbia, where our operations are headquartered, is an exciting prospect.” “Reliable Canadian LNG supply should be very attractive for LNG buyers and end users. This development will prove the feasibility of floating liquefaction and will provide an option for monetizing stranded gas resources in other parts of the world,” added Kremin. The project is expected to commence LNG operations in 2012, subject to obtaining the necessary regulatory and local approvals.

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