Page 22 - Oil&Gas-AustralAsia-2015-Issue-5
P. 22
K OREA
Samsung and Petronas celebrate
PFLNG2 keel laying ByMarieRYAN
an artist’s impression of PFLNG2. Image courtesy of Samsung Heavy Industries
Samsung Heavy Industries have cele- The Petronas delegation was headed by The keel laying signifies the formal
brated an important milestone with the Vice President of Global LNG Projects, recognition of the start of the mega
keel laying of Petronas’ second floating Adnan Zainol Abidin who was accom- construction phase of the PFLNG2 with
liquefaction plant on Geoje Island in panied by Vice President & Venture a collective weight of 134,000 tonnes.
South Korea in late October. Director of LNG Projects - Domestic, The second floating LNG facility for
The consortium leading the engi- Datuk Abdullah Karim. Petronas will make possible the liq-
neering, procurement, construction, Also in attendance were Executive uefaction, production and offloading
installation and commissioning of the Officer of JGC Group, Shigeru Abe and processing of natural gas in the Rotan
PFLNG2 (Petronas, JGC Group and Executive Vice President, FLNG Inte- field, 130 kilometres offshore Sabah.
SHI), commemorated the milestone gration Project Management of SHI, J. PFLNG2 will have a capacity of 1.5
with a ceremony held at the Samsung C. Kim. million tonnes per annum (mtpa) and
Heavy Industries (SHI) Shipyard. is designed for deep-water is expected
to commission in 2018. §
South Korea under pressure to reduce costs
By Marie RYAN
South Korea is under pressure from Mr Matisons said in an address to investment worthwhile. Brokers are
Australia’s Woodside Petroleum to sign the Australia-Korea business summit currently speculating the deal has a
liquefied natural gas supply contracts in Sydney the project would create 50/50 chance of going ahead.
from Woodside’s proposed Browse thousands of jobs at the yard and the Woodside Chief Executive Peter
floating LNG project, with the Austral- contract has the potential to make a Coleman said the Browse partners had
ian company saying it is in the nation’s significant contribution to the South already succeeded in reducing the costs
interest to support the project, given the Korean economy making it one of the to develop the three offshore gas fields
boost it will give to the Korean econo- biggest projects in a Korean shipyard. in the Browse Basin, and now have a
my and job creation. The Samsung yard in Geoje has a con- tailwind of opportunity to also reduce
Woodside senior executive Peter tract with Royal Dutch Shell to build costs downstream that didn’t exist 12
Coleman said it was also South Korea’s a series of floating LNG vessels, with months ago when the services market
responsibility to help reduce costs with the first under construction for the oil was stronger.
three of the project’s vessels sched- major’s Prelude project in Australia. Woodside has a 12-15 per cent hurdle
uled to be built at one of the country’s The three Browse vessels, which will use rate for returns from new investments,
shipyards. Shell’s technology, would come under and Mr Coleman suggested that at
“We value Korea’s support – both in that arrangement, providing a large current cost estimates and assuming oil
terms of cost reductions and LNG amount of work at a time when con- prices in line with the forward curve,
purchases – in achieving a final invest- struction in the sector is at a low due to the Browse project was very close to
ment decision,” Woodside’s Executive weak commodity prices. the lower threshhold but that further
Vice President of Marketing Reinhardt The project won’t proceed unless deals improvement was still required. §
Matisons, , told South Korean business are struck for long-term LNG sales and
leaders in October. costs are reduced enough to make the
A A20 OIL & GAS ustral SIA NOVEMBER/DECEMBER 2015 www.oilandgasaustralasia.com
Samsung and Petronas celebrate
PFLNG2 keel laying ByMarieRYAN
an artist’s impression of PFLNG2. Image courtesy of Samsung Heavy Industries
Samsung Heavy Industries have cele- The Petronas delegation was headed by The keel laying signifies the formal
brated an important milestone with the Vice President of Global LNG Projects, recognition of the start of the mega
keel laying of Petronas’ second floating Adnan Zainol Abidin who was accom- construction phase of the PFLNG2 with
liquefaction plant on Geoje Island in panied by Vice President & Venture a collective weight of 134,000 tonnes.
South Korea in late October. Director of LNG Projects - Domestic, The second floating LNG facility for
The consortium leading the engi- Datuk Abdullah Karim. Petronas will make possible the liq-
neering, procurement, construction, Also in attendance were Executive uefaction, production and offloading
installation and commissioning of the Officer of JGC Group, Shigeru Abe and processing of natural gas in the Rotan
PFLNG2 (Petronas, JGC Group and Executive Vice President, FLNG Inte- field, 130 kilometres offshore Sabah.
SHI), commemorated the milestone gration Project Management of SHI, J. PFLNG2 will have a capacity of 1.5
with a ceremony held at the Samsung C. Kim. million tonnes per annum (mtpa) and
Heavy Industries (SHI) Shipyard. is designed for deep-water is expected
to commission in 2018. §
South Korea under pressure to reduce costs
By Marie RYAN
South Korea is under pressure from Mr Matisons said in an address to investment worthwhile. Brokers are
Australia’s Woodside Petroleum to sign the Australia-Korea business summit currently speculating the deal has a
liquefied natural gas supply contracts in Sydney the project would create 50/50 chance of going ahead.
from Woodside’s proposed Browse thousands of jobs at the yard and the Woodside Chief Executive Peter
floating LNG project, with the Austral- contract has the potential to make a Coleman said the Browse partners had
ian company saying it is in the nation’s significant contribution to the South already succeeded in reducing the costs
interest to support the project, given the Korean economy making it one of the to develop the three offshore gas fields
boost it will give to the Korean econo- biggest projects in a Korean shipyard. in the Browse Basin, and now have a
my and job creation. The Samsung yard in Geoje has a con- tailwind of opportunity to also reduce
Woodside senior executive Peter tract with Royal Dutch Shell to build costs downstream that didn’t exist 12
Coleman said it was also South Korea’s a series of floating LNG vessels, with months ago when the services market
responsibility to help reduce costs with the first under construction for the oil was stronger.
three of the project’s vessels sched- major’s Prelude project in Australia. Woodside has a 12-15 per cent hurdle
uled to be built at one of the country’s The three Browse vessels, which will use rate for returns from new investments,
shipyards. Shell’s technology, would come under and Mr Coleman suggested that at
“We value Korea’s support – both in that arrangement, providing a large current cost estimates and assuming oil
terms of cost reductions and LNG amount of work at a time when con- prices in line with the forward curve,
purchases – in achieving a final invest- struction in the sector is at a low due to the Browse project was very close to
ment decision,” Woodside’s Executive weak commodity prices. the lower threshhold but that further
Vice President of Marketing Reinhardt The project won’t proceed unless deals improvement was still required. §
Matisons, , told South Korean business are struck for long-term LNG sales and
leaders in October. costs are reduced enough to make the
A A20 OIL & GAS ustral SIA NOVEMBER/DECEMBER 2015 www.oilandgasaustralasia.com
