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Floating Liquefied Natural Gas (FLNG) Market 2014-2024

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For an Executive Summary of this report please contact ediz.ibrahim@visiongain.com (+44 (0)20 7549 9976) or refer to our website …

For an Executive Summary of this report please contact ediz.ibrahim@visiongain.com (+44 (0)20 7549 9976) or refer to our website http://www.visiongain.com/Report/1225/Floating-Liquefied-Natural-Gas-%28FLNG%29-Market-Forecast-2014-2024

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  • 1. ©notice This material is copyright by visiongain. It is against the law to reproduce any of this material without the prior written agreement of vision- gain. You cannot photocopy, fax, download to database or duplicate in any other way any of the material contained in this report. Each pur- chase and single copy is for personal use only. Floating Liquefied Natural Gas (FLNG) Market Forecast 2014-2024 Prospects for Leading Companies in LNG FPSO & FSRU
  • 2. www.visiongain.com Floating Liquefied Natural Gas (FLNG) Market Forecast 2014-2024: Prospects for Leading Companies in LNG FPSO & FSRU Key areas covered in this report will include: • You will gain an understanding of the floating liquefied natural gas (FLNG) market and how it will evolve with detailed global capital expenditure forecasts from 2014 to 2024. • You will receive global capital expenditure forecasts from 2014 to 2024 for the two submarkets within the FLNG market: - FSRUs - LNG FPSOs • You will be provided with capital expenditure forecasts for the eight largest regional markets from 2014-2024, as well as for five leading national markets. For each you will gain insight into the specific market drivers and restraints. The markets detailed are as follows: Regions - - Australasia - Africa - Asia - Southeast Asia - Europe - Middle East - South America - North America and the Caribbean Leading national markets - - Australia - Malaysia - Indonesia - Brazil - Other South American countries • In addition to these markets, the outlook for FLNG in 30 other national markets is analysed within the regional forecasts. • For each of the regional markets you will be provided with a breakdown of CAPEX spending on the LNG FPSO and FSRU submarkets, as well as graphs forecasting liquefaction and regasification capacities. • You will be provided with 24 contract tables detailing the status of all current and potential FLNG projects, including information on costs and likely start dates. • You will gain knowledge of who the leading players are within the FLNG marketplace, with market share breakdowns for the three leading FSRU companies and detailed information on the leading LNG FPSO companies and constructors. • The forecasts and analysis are underpinned by extensive expert consultation. The transcript of an original interview is included within the report with expert insight from: - EXMAR Marine – Shipping group specialised in activities relating to the transport of gas, and in particular the transport of liquefied gases, and developers of the world’s first operational liquefaction vessel. • You will be able to study 168 tables, charts and graphs quantifying the FLNG market in detail over the period 2014-2024. • You will receive a PEST analysis of the Political, Economic, Social and Technological factors enabling and constraining CAPEX in the FLNG market from 2014 onwards.
  • 3. Page 138www.visiongain.com Floating Liquefied Natural Gas (FLNG) Market Forecast 2014-2024: Prospects for Leading Companies in LNG FPSO & FSRU 5.8 The Middle Eastern FLNG Market Forecast 2014-2024 Table 5.29, and Figures 5.26 and 5.27 show visiongain’s forecast for the Middle East FLNG market over the next 10 years. 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2014-24 LNG FPSO 1,000 1,000 1,400 1,400 1,400 1,400 400 100 100 0 0 0 7,200 FSRU 203 287 93 166 95 125 110 248 311 298 150 75 1,957 Total CAPEX $m 1,203 1,287 1,493 1,566 1,495 1,525 510 348 411 298 150 75 9,157 AGR (%) 7% 16% 5% -5% 2% -67% -32% 18% -27% -50% -50% 2019-24 -31.8% -24.7% -16.9%CAGR (%) 2014-19 CAGR (%) 2014-24 -80.0 -70.0 -60.0 -50.0 -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 AGR(%) CAPEX($m) Year LNG FPSO FSRU AGR % Table 5.29 Middle East FLNG Market Forecast 2014-2024 ($m, AGR %, CAGR%, Cumulative) Source: Visiongain 2014 Figure 5.26 Middle East FLNG Market Forecast 2014-2024 ($m, AGR%) Source: Visiongain 2014
  • 4. Page 144www.visiongain.com Floating Liquefied Natural Gas (FLNG) Market Forecast 2014-2024: Prospects for Leading Companies in LNG FPSO & FSRU 5.8.8 Middle Eastern FLNG Projects Main Sponsor(s) Constructor MMTPA Earliest Op. Location Vessel Name Est. Cost Golar (Jordan Ministry of Energy) SHI 3.5 2014 Jordan, Aqaba Golar Eskimo 300 Golar (KNPC) SHI 2.5 2014 Kuwait Golar Igloo 310 (Lebanon Ministry of Energy and Water) TBD 1.3 2016 Lebanon - 250 Main Sponsor(s) Constructor MMTPA Status Earliest Op. Location Est. Cost Levant LNG (Pangea LNG) DSME 3.0 FEED 2019 Israel (Tamar) TBD Leviathan Partners (Noble, Avner, Delek, Ratio)/Woodside DSME 4 FEED 2017 Israel (Leviathan) 1 Owner Constructor MMTPA Location Vessel Name Est. Cost Excelerate DSME 1.6 Israel, Hadera Excellence 230 Excelerate DSME 4.0 Kuwait, Mina Al-Ahmadi Explorer 320 Golar Keppel 3.0 UAE, Dubai Golar Freeze 125 Table 5.31 Current Middle Eastern FSRUs (Owner, Constructor, MMTPA, Location, Vessel Name, Estimated Cost ($m)) Table 5.32 Planned Middle Eastern FSRU Projects (Owner (Main Sponsor), MMTPA, Earliest Operation, Location, Vessel Name, Estimated Cost ($m)) Source: Visiongain 2014 Source: Visiongain 2014 Table 5.33 Planned Middle Eastern LNG FPSO Projects (Sponsor, Constructor, MMTPA, Status, Earliest Operation, Location, Estimated Cost ($bn)) Source: Visiongain 2014
  • 5. Page 170www.visiongain.com Floating Liquefied Natural Gas (FLNG) Market Forecast 2014-2024: Prospects for Leading Companies in LNG FPSO & FSRU 7. Expert Opinion 7.1 EXMAR EXMAR NV (EXM:EN Brussels) is a Belgian shipping group specialised in activities relating to the transport of gas, and in particular the transport of liquefied gases. EXMAR has long since provided the gas industry with a number of solutions in shipping, offshore, and services such as ship management and engineering. The company has a growing interest in FLNG and is in the final stages of producing what will be the world’s first operational floating LNG liquefaction unit (“Caribbean FLNG”) through a joint venture with Pacific Rubiales Energy (PRE). Bart Lavent is the Managing Director of EXMAR’s LNG Infrastructure division, a multidisciplinary team responsible for the development of EXMAR’s floating LNG projects. With diverse work experience within the energy industry, he has pioneered natural gas projects in Europe and now in South America with the Caribbean FLNG project. Mr. Lavent has worked for EXMAR for eight years, is an electromechanical engineer, and holds a master in financial management. Visiongain interviewed Mr. Lavent in February 2014 and would like to thank him for his invaluable comments. 7.1.1 EXMAR In the FLNG Market Visiongain: When did EMAR become involved in the Floating Liquefied Natural Gas Market and what role does it play? Bart Lavent: EXMAR has been a successful pioneer in this market with the introduction and development of LNG Regasification Vessels (LNGRV or FSRU) in 2005. In 2006, EXMAR developed LNG Ship-to-Ship (STS) Transfer. Today EXMAR is operating 10 FSRUs. Exmar remains at the cutting edge in the FLNG market, having recently ordered a new generation barge- based floating LNG regasification unit under a 50/50 joint venture with PRE [Pacific Rubiales Energy] (through its affiliate Pacific Midstream Holding Corp). This new facility will allow the company to meet the quick-to-market requirements of global LNG import projects currently under development and will further increase the competitiveness of LNG compared to other energy types. Additionally, Exmar is leading the FLNG market by working to prove that FLNG [liquefaction] technology is the right solution to monetise gas reserves. After many years of conferences and discussions on FLNG units, Exmar has recognised the time has now come for FLNG projects to move forward and kick off the application of FLNG to real locations and concrete projects. Due to
  • 6. Page 181www.visiongain.com Floating Liquefied Natural Gas (FLNG) Market Forecast 2014-2024: Prospects for Leading Companies in LNG FPSO & FSRU 8.1.1.5 Excelerate LNG FPSO Projects Tables 8.4-8.7, show Excelerate’s current FSRU fleet, future orders with specific destinations, future orders without specific destinations and, lastly, the company’s FLSO proposal. Owner Constructor MMTPA Location Vessel Name Est. Cost ($m) Excelerate DSME 4.9 Argentina, Bahía Blanca Express 320 Excelerate DSME 4.9 Argentina, Escobar Exemplar 320 Excelerate DSME 4.0 Kuwait, Mina Al- Ahmadi Explorer 320 Excelerate DSME 4.0 Brazil - 320 Excelerate DSME 4.0 Brazil, Guanabara Bay Exquisite 320 Excelerate DSME 4.9 Not Disclosed Expedient 320 Main Sponsor(s) Constructor MMTPA Earliest Op. Location Vessel Name/Note Est. Cost Excelerate DSME 3.5 2015 Puerto Rico, Aguirre - 300 Excelerate DSME 6.1 2014 Brazil, Salvador Hull No. 2402/VT3 500 Table 8.4 Current FSRU Owned by Excelerate (Owner, Constructor, MMTPA, Location, Vessel Name, Estimated Cost ($m)) Table 8.5 Excelerate’s Planned FSRU Newbuilds and Conversions (Main Sponsor(s), Constructor/Converter, MMTPA, Status, Earliest Operation, Location (Field), Est. Cost ($m)) Source: Visiongain 2014 Source: Visiongain 2014

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