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Venice Energy finalises selection of preferred FSRU supplier

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LNG Industry,

South Australian-based Venice Energy has finalised selection of a preferred supplier of an FSRU for its Outer Harbor Project in the Port of Adelaide.

The FSRU is a crucial component of the proposed LNG import facility at Outer Harbor which will improve and diversify local gas supplies, especially during peak periods and help underpin South Australia’s world leading renewables sector by providing firm, dispatchable energy as the state progresses towards further decarbonisation of its energy landscape.

The company launched its FSRU tender in December last year and received offers of participation from six of the world’s leading FSRU/LNG shipping companies. Three detailed offers were short-listed in early March 2021. Managing Director of Venice Energy, Kym Winter-Dewhirst, said a final assessment by the project team revealed two companies with highly competitive offers.

“In the end it really came down to certainty of supply against our project schedule and a desire on our part to work with a specific company due to their long-term commitment, international expertise and technical capabilities,” Mr Winter-Dewhirst said.

“We have signed the Heads of Agreement and Term Sheet with a leading global independent LNG shipowner and operator from Europe and we are beginning negotiations on the fully formed Time Charter Party agreement which is expected to be concluded in the coming weeks,” he said.

“The FSRU represents the major proportion of our operational expenditure, so having it locked in at this stage of the project is critical to our development and provides us with certainty as we push ahead with our final round of project approvals this year.

“Once we have our approvals, we anticipate reaching a Final Investment Decision (FID) towards the back half of the year and breaking ground shortly thereafter.

“With the recent announcement by both the federal and state governments of a AUS$1 billion energy fund for South Australia and the Prime Minister’s call for an additional 50 - 80 PJ/yr of gas into the state, Venice Energy is well placed to meet these targets,” he said.

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