PETRONAS has signed a memorandum of understanding with YPF to pursue collaboration in Argentina in an integrated LNG project and other areas.
As the global energy crisis deepens and countries scramble to secure reliable energy sources, investments in new LNG infrastructure are set to surge, reaching US$42 billion annually in 2024.
The project, located in Suriname, will gather the natural gas normally wasted through flaring by offshore oil platforms and turn it into LNG.
The companies have completed the acquisition of Enagás and OMERS Infrastructure’s respective stakes of the LNG regasification terminal, representing 80% of the GNL Quintero share capital.
An average of 49.0 billion ft3/d of LNG was traded globally during 2021, an increase of 2.2 billion ft3/d from 2020, according to The LNG Industry GIIGNL Annual Report 2022.
As part of the agreement, the companies will develop the Lakach deepwater natural gas field which NFE will use to produce LNG for global export.
Milbank have advised OMERS Infrastructure in sale of joint stake in GNL Quintero, the largest LNG terminal in Chile.
The companies will jointly acquire an 80% equity stake in GNL Quintero S.A. an LNG regasification terminal in Chile.
New Fortress Energy will supply natural gas from its Barcarena LNG terminal to Norsk Hydro’s Alunorte Alumina Refinery in Pará, Brazil.