World FLNG Market Forecast 2015-2021 Leaflet + Contents
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Despite a current pause in commitments to new projects, the capital expenditure (Capex) for FLNG vessels is expected to amount to $35.5bn over 2015-2021. Spending on FSRUs will total $22.8bn over the same period, taking the combined expenditure for the Floating LNG market to $58.3bn. The World FLNG Market Forecast 2015-2021 forecasts activity through to 2021.
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World FLNG Market Forecast 2015-2021 Leaflet + Contents
- 1. World FLNG Market Forecast 2015-2021energy business insight e: research@douglaswestwood.com t: +44 (0)203 4799 505 www.douglas-westwood.com Aberdeen | Faversham | Houston | London | Singapore © 2015 Douglas-Westwood 21 World FLNG Market Forecast 2015-2021 By purch asing this docum ent, your organ isation agree s that it will not copy or allow to be copied in part or whole or otherwise circula ted in any form any of the contents without the writte n permission of Douglas-W estwo od Dehydration &Mercury Removal Sulphur Acid Gas Removal Acid Gas Treatment Condensate Liquefaction Plant Process Flow Chapter 3 : Floating Liquefaction Lique factio n involves gas treatment , liquefactio n proce sses and stora ge of LNG. Prior to liquefactio n, feed gas is put throu gh a remo val proce ss of conta mi- nant and unwa nted subst ances .Lique factio n comp resse s gas into 1/600 th of its volum e. The resulting LNG is store d in tanks befor e being offloa ded to carrie rs. Figure 13: LNG Facility Liquefaction Process Flow Source: Chiyo da Corporatio n Natural Gas LNG CondensateStabilisation Reception LPG Removal Liquefaction LPG A liquefactio n proce ss flow broad ly involv es gas treatment , liquefactio n and the storage of LNG. The gas treatment proce ss includ es acid gas remo val (also know n as gas swee tening), dehydratio n and heavy oil separ ation. Gas treatmentPrior to the liquefactio n of gas, feed gas is put throu gh a remo val proce ss of con- tamin ants and unwa nted subst ances . This prote cts the proce ssing equip ment and achie ves the specificatio ns requi red by the LNG market. Acid gas remo val (gas swee tenin g) is carrie d out to remo ve environme ntal pol- lutants from the natur al gas feed. An amine absor ber is comm only used to absor b these acidic gases such as hydro gen sulph ide and carbo n dioxide. Sulph ur is further extra cted from the hydro gen sulph ide throu gh the use of a sulph ur remo val unit. Dehy dration of the gas is further carrie d out using an absor bent. Wate r is remo ved from the treated gas to avoid the formation of ice in the ensui ng liquefactio n proce ss. Heav y oil separ ation involv es the remo val of heavi er hydro carbo n comp onents that might cause plugg ing in proce ss equip ment in the cours e of liquefactio n. Efforts have recen tly been made on the recov ery of these hydro carbo ns. Liquefaction of treated gas Major liquefactio n proce sses includ e the C3-M R (Prop ane Mixed Refrig erant Proce ss), AP-X , Cascade, Dual- Mixed Refrig erant Techn ology (‘DM R’) and the SMR meth ods. These meth ods requi re huge energ y input to drive the refrig eratio n com- press ors. Lique factio n of the treated gas is further discussed in the follow ing pages . Storage of treated gas Once the gas is treated and liquefied, it is store d in conta inment systems and of- floaded to LNG carrie rs for transporta tion to onshore or offshore re-gas facilities. • Prospects • Technologies • Markets © 2015 Douglas-Westwood 23 World FLNG Market Forecast 2015-2021 By purch asing this docum ent, your organ isation agree s that it will not copy or allow to be copied in part or whole or otherwise circula ted in any form any of the contents without the writte n permission of Douglas-W estwo od Offloading to Regasification Vessels Chapter 3 : Floating Liquefaction Side-by-sid e offloa ding can be achie ved by either loading arms or cryog enic hoses which are positioned on the side of the ship. This offloa ding has been used for crude and LPG for over 30 years and has been prove n between two LNG carrie rs. A moor ed side by side operation is an impo rtant optio n for offloa ding LNG FPSO s. The most critical issues durin g the proce ss are the loads in the moor - ing lines between the two vesse ls and in the floating fende rs. These are deter mined by wave and wind conditions as well as the loads on the two vesse ls. Even in head wave s the two vesse ls are likely to be out of phase (jack knifin g) which cause s tensio n on the moor ing cable s. Therefore side by side moor ing can only really be used in benig n environme nts. MET HOD S - Side- by-Si de Trans fer Loading arms are altern atives to the direct hose hookups for use on larger vesse ls. They are able to execute transfers at highe r loading rates and pres- sure. Many FLNG concepts includ e loading arms which are positioned on the side of the ship or at the bow. They can handle both liquid s and gases in a range of temp eratu res. The system has to be drained befor e break ing off connection. Many comp anies such as FMC, Aker Solutions and SBM offer loading arms for side by side, tande m or ship to shore offloa ding. Shell’ s Prelu de FLNG proje ct will deplo y the use of FMC Techn ologies’ offshore loading arm systems. Marin e Loading Arms are made of sever al comp o- nents includ ing the base riser, inboa rd arm and the outbo ard arm. EQU IPME NT - Load ing Arm s Tande m offloa ding can involv e aerial cryog enic hoses, floating cryog enic hoses or loading arms. An aerial arran geme nt involv es the cryog enic hose being at- tache d to the bow manifold of the LNG carrie r. A typica l floating arran geme nt is wher e the cryog enic hose is attached to the mid ship manifold of the LNG carrie r, and floate d in the sea between the two vesse ls. In environme nts wher e side by side is not possible, tande m offloa ding becomes the most impo rtant form of offloa ding. Due to the relatively short distan ce between the bow and stern of the two vesse ls and wave and wind conditions , this is a highly comp lex operation. In some conditions , differ ences in drafts can lead to differ ences in the headings of the vesse l, which adds anoth er dimension of comp lexity to the operation. MET HOD S - Tand em Offlo ading Cryogenic hoses are flexib le therm ally isolat ed hoses that have the ability to transfer both LNG at -162° C and gas between FLNG vesse ls and LNG carrie rs. Hose s can be used in environme nts wher e it may be difficu lt to use loading arms, such as hostile sea conditions wher e close conta ct between vesse ls is too dangerous . The first transfer of LNG between two vesse ls using cryog enic hoses took place at the Teess ide GasPort (UK) in 2007. EQU IPME NT - Cryo genic Hose s LNG transfer has to be perfo rmed under most weather conditions at the offshore location. In open sea, this is a challe nging operation and becomes even more difficu lt in harsh environme nts. Specialised equip ment which provi des safe and efficie nt offloa ding is very impo rtant to operators. © 2015 Douglas-Westwood 54 World FLNG Market Forecast 2015-2021 By purch asing this docum ent, your organ isation agree s that it will not copy or allow to be copied in part or whole or otherwise circula ted in any form any of the contents without the writte n permission of Douglas-W estwo od Australasia Chapter 7 : Market Forecast All of Austr alia’s FLNG expendi- ture will be on its export facilit ies. Expenditure will total $ bn over 2015-2021 . Austr alasia will see the instal lation of Prelu de FLNG by 2017. Average Cape x per annum between 2015 and 2021:$ bn Lique factio n. Austr alasia repre sents % of globa l forec ast expenditure and % of globa l liquefactio n Cape x. Figure 42: Capex on FLNG Facilit ies in Australasia by Type 2014 -2021 2014 2015 2016 2017 2018 2019 2020 2021 Expe nditu re($billion) Import Lique factio n Figure 43: Capex on FLNG Liquefaction Vessels by Country of Servic e 2014 -2021 2014 2015 2016 2017 2018 2019 2020 2021 Expe nditu re($billion) Papua New GuineaAustr alia Austr alasia is a key region for FLNG liquef ac- tion devel opers as it benefits from unconven- tional gas reserves, such as coal bed methane. All floatin g LNG expenditure will be in export devel opme nt. LiquefactionAustr alasia will repre sent % of globa l floatin g LNG export Cape x and % of all globa l FLNG Cape x between 2015-2021 , an investment of $ bn. Most of these devel opme nts will come from Austr alia; the rest from activity in Papua New Guine a. The topog raphy of PNG reduc es the economic viability of building onsho re and has encour- aged devel opme nt of projects such as Talis- man’s Pandora FLNG and Liquid Niugini Gas’ Gulf FLNG projects. The region is anticipating the arriva l of Shell’s Prelu de FLNG devel opme nt, due onstream in 2017. The facility will have a capac ity of mmtp a and is currently being built at Geoje Shipyard by the Techn ip-Sam sung conso rtium . The succe ss of this landm ark project could lead to significant increa ses in globa l Cape x as financ iers and opera tors gain confid ence in the techn ology. Specifically, Woodside has mentioned makin g its FID on the Brow se FLNG project post the succe ss- ful delive ry of Prelud e. ExxonMob il and BHP Billito n have agree d to devel op the Scarb orough gas field, km offsho re West ern Austr alia, using a FLNG vesse l that will have proce ssing capac ity of appro ximat ely mmtp a. Othe r key FLNG projects in Austr alia includ e Brow se FLNG and Echuca Shoals FLNG . $ millio n 2014 2015 2016 2017 2018 2019 2020 2021 Lique factio nImpor t 0 Total $ millio n 2014 2015 2016 2017 2018 2019 2020 2021 Austr alia P. N. Guine a 03 Total Table 18: Capex on FLNG Facilit ies in Australasia by Type 2014 -2021 Table 19: Capex on FLNG Facilit ies in Australasia by Country of Servic e 2014 -2021 © 2015 Douglas-Westwood 56 World FLNG Market Forecast 2015-2021 By purch asing this docum ent, your organ isation agree s that it will not copy or allow to be copied in part or whole or otherwise circula ted in any form any of the contents without the writte n permission of Douglas-W estwo od Latin America Chapter 7 : Market Forecast Expenditure for both import ( %) and liquefactio n ( %) infras tructure to total $ bn over 2015-2021 . There are many import proje cts expected. Latin America will also receive the world ’s first floating LNG liquefactio n, regas ificati on and stora ge unit (FLSR U). Average Cape x per annum between 2015 and 2021: $ m Lique factio n; $ m Impo rt. Latin America totals % of globa l fore- cast expenditure – % of liquefactio n and % of import Cape x. Figure 45: Capex on FLNG Facilit ies in Latin America by Type 2014 -2021 2014 2015 2016 2017 2018 2019 2020 2021 Expe nditu re($billion) Import Lique factio n Latin America will see an investmen t of $ bn over 2015-2021 , % of globa l spend on floating LNG proje cts. % of the region’s spend is on liquefactio n facilities while % is on impo rt infras tructure. Import The region is home to five operational floating units, all of which are located in Argentina and Brazil. Golar LNG supplied the FSRU s at Pecém Terminal (Gola r Spirit FSRU) and Guan abara Bay phase 1 (Gola r Winte r FSRU); Excelerate is respo nsible for Guan abara Bay (Expe rience FSRU), Bahía Blanc a GasPort, and the Puert o Escob ar LNG proje cts. Combined , these proje cts provi de Argentina and Brazil with mmtp a of floating impo rt capac ity. Ex- perience FSRU, the world ’s largest FSRU , has all outpu t capac ity of 1bcf/d and replaced Golar Winte r. Golar Winte r is now deplo yed to Brazil’s terminal in Bahía de Todos os Santo s, Salvador. Over the forec ast perio d, $ bn in Cape x is expected on floating impo rt and regas ification facilities. Proje cts curre ntly under const ructio n includ e Chile ’s Mejillones FSRU (Gola r NB 13 FSRU), Argentina’s GNL Puert o Cuatreros , Uruguay’s GNL Del Plata FSRU and Puert o Rico’s Aguir re GasPort. Othe r key proje cts includ e Jamai ca’s Port Esquivel FSRU, Chile ’s Quint ero Bay FSRU and Dom inican Repu blic’s Marcoris FSRU. Liquefaction Floating liquefactio n facilities are expected to total $ bn for the perio d 2015-2021 , on the vesse l Colom bia FLSRU , the world ’s first floating LNG liquefactio n, regas ifica- tion and storage unit. Expected onstr eam in the earlie r part of the forec ast, it will be situat ed in the Colombian Carib bean coast and will have storage capac ity of m 3 of LNG. The FLRSU has regas ification facilities but its prima ry function is to liquefy and expo rt LNG produced from nearb y onshore fields. Previously, Petro bras’ ultra- deepwater pre-salt fields would have seen one of the region’s first FLNG liquefactio n vesse ls come onstr eam. However, plans for this unit have been put on hold in favou r of pipelines. Falling gas prices in the region exace rbate d by the Unite d States’ expected expo rts of shale gas outpu ts will threa ten Petro bras’ plans for a floating liquefactio n unit. Petro bras has already shelved its plans for an FLNG vesse l in the Santo s Basin. $ millio n 2014 2015 2016 2017 2018 2019 2020 2021 Lique factio n 0 Impor t Total Table 21: Capex on FLNG Facilit ies in Latin America by Type 2014 -2021 Import Lique factio n © 2015 Douglas-Westwood 13 World FLNG Market Forecast 2015-2021 By purch asing this docum ent, your organ isation agree s that it will not copy or allow to be copied in part or whole or otherwise circula ted in any form any of the contents without the writte n permission of Douglas-W estwo od Floating Liquefaction – Onshore Cost Comparison Chapter 2 : Why Floating LNG? Floating liquefactio n remo ves high cost variab les such as pipelines, lowering overa ll Cape x. Onsh ore terminals have seen EPC costs excee d $1,50 0 per tpa. LNG FPSO s could offer an estim ated Cape x of $800 per tpa. Figure 5: Onsho re vs. Offsho re Liquef action Indica tive Termin al Total Costs 0 500 1,000 1,500 Onsh ore Offsh ore Well Installation sLNG FPSO Production Platfo rmGas Compression system Pipeli ne Onsh ore LNG Plant Figure 6: Onshore vs. Offshore Liquefaction Terminal Capex - 500 1,000 1,500 2,000 2,500 1955 1965 1975 1985 1995 2005 2015 2025 Onshore Offshore FloatingLinear (Onshore) Onshore terminal costs The cost of onshore LNG terminals has been consistently increasing over the past 15 years with no indica tion of declin e; some onshore LNG facilities have seen EPC costs as high as $1,50 0 per tonne per annum. Othe r costs, apart from the Cape x assoc i- ated with the terminal const ructio n and design, are accum ulated durin g the develop- ment of an onshore LNG proje ct.Assuming the field is located offshore, other infras tructure is also requi red in order to extra ct the gas, includ ing production platfo rms, subse a wells and subse a pipelines from the production platfo rm to the on- shore terminal. Floating terminal costs A floating offshore LNG terminal elimin ates the need for costly production platfo rms and expo rt pipelines, lowering overa ll Cape x for the proje ct. The figure show s that the pipeline to shore can be more than 10% of proje ct costs (or $200 per mmtp a) in some cases . Furth ermo re, LNG FPSO s can be con- structed in the contr olled environme nt of a shipyard unlike onshore terminals, which are typica lly const ructe d in-situ ‘stick-build ’ or transporte d to site in modu lar form. FLNG developer s are aimin g for costs be- tween $700 and $900 per tonne of annual liquefactio n capac ity depending on the feed gas specificatio ns and other proje ct specific costs. “FLN G is a reaso nably cheap er solu- tion, but proje ct financ ing does not allow this at the mom ent as lending mone y for the proje ct is risky with- out any FLNG vesse ls in operation. Curre ntly, all FLNG vesse ls are being built using the Oper ators’ mone y.” Major FLNG EPC contr actor Figure 7: LNG Capital Costs Source : Oil & Gas Journa l $billi on Onsh ore Float ing Optio n(1 x 4 mmt pa) Float ing Optio n(2 x 2 mmt pa) Produ ction Facilit ies 1.9 1.9 1.9 FPSO 1.2 - - Expor t Pipelin e 2.5 - - LNG Plant 5.5 5.8 6.6 Total 11.1 7.7 8.5 © 2015 Douglas-Westwood 34World FLNG Market Forecast 2015-2021 By purchasing this document, your organisation agrees that it will not copy or allow to be copied in part or whole or otherwise circulated in any form any of the contents without the written permission of Douglas-Westwood Shipyard Review Chapter 5 : FLNG Supply Chain The key shipyards involved in LNG projects are located in South Korea, Japan and Singapore. South Korean yards lead in the areas of newbuild floating regasification and newbuild floating liquefaction vessel construction. To date, only DSME and Samsung Heavy Industries have sanctioned projects for LNG FPSOs, positioning them as market leaders in floating liquefaction. Hyundai Heavy Industries and Mitsubishi Heavy Industries are poised to begin construction on floating liquefaction vessels. Dubai Drydocks have involved themselves in the construction of the pioneer LNG FPSOs through the construction of Prelude FLNG’s turret. We can expect shipyards with construction expertise in floating regasification vessels, FPSOs, and LNG carriers, to have the necessary qualifications and facilities to construct FLNG vessels. Projects indicated refer to those already sanctioned or expressed interest with capability to execute. Legend FPSO LNG Carriers Newbuild Floating Regasification Conversion Floating Regasification Newbuild Floating Liquefaction Annual Carrier Capacity (mmpta)3 Italcantieri Yard 3 Dubai Drydocks Keppel Shipyard Izar Sestao Yard 2 Hudong-Zhonghua Shipbuilding 2 Kvaerner Masa-Yards 3 IHI Corporation Imabari Shipbuilding Kawasaki Heavy Industries Mitsubishi Heavy Industries MHI Mitsui Engineering & Shipbuilding Universal Shipbuilding Corporation 3 4 2 4 2 1 DSME Hanjin Heavy Industries Hyundai Heavy Industries HHI Samsung Heavy Industries SHI STX Offshore & Shipbuilding 2 2 13 11 Excelerate Energy Floating LNG industry set for land- mark project start-ups and further new wave of growth Despite a current pause in commitments to new projects, the capital expenditure (Capex) for FLNG vessels is expected to amount to $35.5bn over 2015-2021. Spending on FSRUs will total $22.8bn over the same period, taking the combined expendi- ture for the Floating LNG market to $58.3bn. There is a huge interest in the pioneering projects that will drive market spend over the coming years. Future commitments by operators to the FLNG market hinges on the success of these pioneering projects. The delivery of Petronas’ PFLNG 1, also known as the PFLNG SATU, will be the world’s first FLNG vessel to start operations on its completion by the end of 2016. This will be followed by Shell’s Prelude FLNG vessel, a significantly larger project and one that is likely to shape future FLNG developments. Construction of the 488 metres long facility started in 2012 (the unit is being built by Samsung in Korea) and is expected to start up by 2017. Following these projects is a second wave of new projects that are yet to be sanctioned but are ex- pected to drive a growth in expenditure from 2019 onwards. This includes major projects in frontier regions such as East Africa. DW anticipates more floating regasification units are to be sanctioned, with Asia and Latin America being the dominant regions. Upcoming projects are visible in Indonesia, China, Pakistan, India, Vietnam, Bangladesh and Sri Lanka, mostly led by National Oil Companies. Latin America will see deployments of floating regas units in Chile and Puerto Rico. The World FLNG Market Forecast 2015-2021 fore- casts activity through to 2021 and contains analysis of: • Market Drivers and Trends – including the monetisation of stranded gas reserves, security of supply, onshore terminal costs, environmental solutions and increasing long-term gas demand. • The FLNG Supply Chain – operators, FLNG leasing, EPC contractors, vessel yards, topside sub-contractors and financing analysis. • FLNG Import and Export Capacity – prospec- tive installations 2015-2021, along with DW’s forecast for the required Capex to bring this capacity online. This includes construction of base-load FLNG liquefaction and import (regasi- fication) vessels. • Capex Breakdowns – expenditure for liquefac- tion and regasification vessels segmented by component looking at topsides, hull & contain- ment systems and mooring & transfer systems. And by service, including technology licencing, FEED, detailed design engineering, construction engineering, installation, hook-up & commission- ing and construction of hull & topsides. • Regional analysis – Africa, Asia, Australasia, East- ern Europe & FSU, Latin America, Middle East, North America and Western Europe.
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- 3. 2015 World FLNG Market Forecast Prospects, Technologies, World Markets 2015-2021
- 4. © 2015 Douglas-Westwood 2World FLNG Market Forecast 2015-2021 By purchasing this document, your organisation agrees that it will not copy or allow to be copied in part or whole or otherwise circulated in any form any of the contents without the written permission of Douglas-Westwood Contents Table of Contents 1 Summary and Conclusions.......................................7 Summary.......................................................................................................................................... 8 Conclusions..................................................................................................................................... 9 2 Why Floating LNG?................................................ 10 Floating Liquefaction – Market Drivers...................................................................................11 Onshore & FLNG Comparison & Definitions........................................................................12 Floating Liquefaction – Onshore Cost Comparison.............................................................13 The History of Floating LNG.....................................................................................................14 Floating Regasification – Market Drivers................................................................................15 3 Floating Liquefaction............................................... 16 Hulls................................................................................................................................................17 LNG FPSO.....................................................................................................................................18 Containment Systems.................................................................................................................19 LNG FPSO Process Diagram.....................................................................................................20 Liquefaction Plant Process Flow...............................................................................................21 Liquefaction Technology.............................................................................................................22 Offloading to Regasification Vessels.........................................................................................23 4 Floating Regasification............................................ 24 FSRU & Regasification Vessels...................................................................................................25 Topsides & Regasification Process............................................................................................26 Destination LNG Offloading......................................................................................................27 5 FLNG Supply Chain................................................ 28 LNG FPSO Supply Chain: Pre-FEED/FEED.............................................................................29 LNG FPSO Supply Chain: EPC..................................................................................................30 Floating LNG Regasification Supply Chain..............................................................................31 Financing........................................................................................................................................32 LNG Business Model...................................................................................................................33 Shipyard Review...........................................................................................................................34 Leasing Contractors – Floating Liquefaction..........................................................................35 Leasing Contractors – Floating Regasification.......................................................................36 6 FLNG Projects......................................................... 37 Oil Price Impact on FLNG Projects.........................................................................................38 Floating Regasification.................................................................................................................39 Floating Liquefaction Projects...................................................................................................40 Pioneer FLNG Projects...............................................................................................................41 7 Market Forecast....................................................... 42 Methodology.................................................................................................................................43 8 Appendix................................................................... 60 Conversion Tables.......................................................................................................................61 Prospective Floating Regasification Vessels ...........................................................................62 Data and Text Conventions.......................................................................................................64
- 5. © 2015 Douglas-Westwood 3World FLNG Market Forecast 2015-2021 By purchasing this document, your organisation agrees that it will not copy or allow to be copied in part or whole or otherwise circulated in any form any of the contents without the written permission of Douglas-Westwood Contents Figures Figure 1: Global Capex on FLNG Facilities by Region 2014-2020........................................................8 Figure 2: Percentage Regional Comparison on FLNG 2014-2020.........................................................8 Figure 3: Top 10 countries with Proven Natural Gas Reserves (as at end 2013).......................11 Figure 4: Process Diagram of the LNG chain.................................................................................................12 Figure 5: Onshore vs. Offshore Liquefaction Indicative Terminal Total Costs...............................13 Figure 6: Onshore vs. Offshore Liquefaction Terminal Capex..............................................................13 Figure 7: LNG Capital Costs...................................................................................................................................13 Figure 8: History of Floating LNG........................................................................................................................14 Figure 9: Overview of Operational and Future LNG Facilities..............................................................14 Figure 10: Gas Consumption by Region 2005-2030..................................................................................15 Figure 11: LNG FPSO Layout.................................................................................................................................18 Figure 12: Sloshing Inside a Tank...........................................................................................................................19 Figure 13: LNG Facility Liquefaction Process Flow.....................................................................................21 Figure 14: Single Train Capacity for Several Liquefaction Process.......................................................22 Figure 15: FSRU Topside Process ........................................................................................................................26 Figure 16: Submerged Combustion Vaporiser (Closed Loop)..............................................................26 Figure 17: Schematic of the Sea Water Vaporiser (Open-loop)..........................................................26 Figure 18: LNG FPSO Pre-FEED & FEED Supply Chain...........................................................................29 Figure 19: LNG FPSO EPC Supply Chain........................................................................................................30 Figure 20: Floating LNG Regasification Supply Chain................................................................................31 Figure 21: Typical Finance Project Structure...................................................................................................32 Figure 22: LNG FPSO Simplified Business Model .......................................................................................33 Figure 23: Henry Hub Gas, West Texas Intermediate FOB & Europe Brent Spot Prices.......38 Figure 24: Global Floating Regasification Fleet...............................................................................................39 Figure 25: Focus areas for FLNG export project development...........................................................40 Figure 26: Shell Prelude FLNG...............................................................................................................................41 Figure 27: Petronas PFLNG 1.................................................................................................................................41 Figure 28: Columbia FLSRU....................................................................................................................................41 Figure 29: Components of an FLNG vessel....................................................................................................44 Figure 30: Capex on FLNG Liquefaction Vessels by Region 2008-2021.........................................45 Figure 31: Capex on FLNG Liquefaction Vessels by Component 2008-2021..............................46 Figure 32: Capex on FLNG Liquefaction Vessels by Service 2008-2021.........................................46 Figure 33: Capex on FLNG Import Vessels by Region 2008-2021.....................................................47 Figure 34: Capex on FLNG Import Vessels by Component 2008-2021.........................................48 Figure 35: Capex on FLNG Import Vessels by Service 2008-2021....................................................48 Figure 36: Global Capex on FLNG Facilities by Component 2008-2021.......................................49 Figure 37: Global Capex on FLNG Facilities by Service 2008-2021..................................................49 Figure 38: Global Capex on FLNG Facilities by Region 2008-2021...................................................50 Figure 39: Global Capex on FLNG Facilities by Type 2014-2021.......................................................51 Figure 40: Capex on FLNG Facilities in Africa by Type 2014-2021....................................................52 Figure 41: Capex on FLNG Facilities in Asia by Type 2014-2021.......................................................53 Figure 42: Capex on FLNG Facilities in Australasia by Type 2014-2021.........................................54 Figure 43: Capex on FLNG Liquefaction Vessels by Country of Service 2014-2021................54 Figure 44: Capex on FLNG Facilities in Eastern Europe & FSU by Type 2014-2021................55 Figure 45: Capex on FLNG Facilities in Latin America by Type 2014-2021..................................56 Figure 46: Capex on FLNG Facilities in Middle East by Type 2014-2021........................................57 Figure 47: Capex on FLNG Facilities in North America by Type 2014-2021...............................58 Figure 48: Capex on FLNG Facilities in Western Europe by Type 2014-2021.............................59
- 6. © 2015 Douglas-Westwood 4World FLNG Market Forecast 2015-2021 By purchasing this document, your organisation agrees that it will not copy or allow to be copied in part or whole or otherwise circulated in any form any of the contents without the written permission of Douglas-Westwood Contents Tables Table 1: Conventional FPSO Components......................................................................................................18 Table 2: Typical Natural Gas Composition.......................................................................................................20 Table 3: Floating Liquefaction Lease Contractors and Operators.......................................................35 Table 4: Floating LNG Projects by Status and Year.....................................................................................40 Table 5: Prelude, PFLNG and FLSRU Vessel Details...................................................................................41 Table 6: Capex on FLNG Liquefaction Vessels by Region 2014-2021..............................................45 Table 7: Capex on FLNG Liquefaction Vessels by Component 2014-2021..................................46 Table 8: Capex on FLNG Liquefaction Vessels by Service 2014-2021.............................................46 Table 9: Capex on FLNG Import Vessels by Region 2014-2021.........................................................47 Table 10: Capex on FLNG Import Vessels by Component 2014-2021...........................................48 Table 11: Capex on FLNG Import Vessels by Service 2014-2021......................................................48 Table 12: Global Capex on FLNG Facilities by Component 2014-2021.........................................49 Table 13: Global Capex on FLNG Facilities by Service 2014-2021....................................................49 Table 14: Global Capex on FLNG Facilities by Region 2014-2021.....................................................50 Table 15: Global Capex on FLNG Facilities by Type 2014-2021.........................................................51 Table 16: Capex on FLNG Facilities in Africa by Type 2014-2021......................................................52 Table 17: Capex on FLNG Facilities in Asia by Type 2014-2021.........................................................53 Table 18: Capex on FLNG Facilities in Australasia by Type 2014-2021...........................................54 Table 19: Capex on FLNG Facilities in Australasia by Country of Service 2014-2021.............54 Table 20: Capex on FLNG Facilities in Eastern Europe & FSU by Type 2014-2021..................55 Table 21: Capex on FLNG Facilities in Latin America by Type 2014-2021....................................56 Table 22: Capex on FLNG Facilities in Middle East by Type 2014-2021.........................................57 Table 23: Capex on FLNG Facilities in North America by Type 2014-2021.................................58 Table 24: Capex on FLNG Facilities in Western Europe by Type 2014-2021..............................59 Table 25: Conversion Table......................................................................................................................................61 Table 26: Prospective Floating Regasification Vessels.................................................................................62
- 7. © 2015 Douglas-Westwood 5World FLNG Market Forecast 2015-2021 By purchasing this document, your organisation agrees that it will not copy or allow to be copied in part or whole or otherwise circulated in any form any of the contents without the written permission of Douglas-Westwood Notes & Acknowledgements About Us Disclaimer This report is a Douglas-Westwood (DW) study and all rights are reserved, whether this pertains to the body of the report or any information contained within. The information contained in this document is believed to be accurate, but no representation or warranty, express or implied, is made by Douglas-West- wood as to the completeness, accuracy or fairness of any information contained in it, and we do not accept any responsibility in relation to such information whether fact, opinion or conclusion that the reader may draw. The views expressed are those of the individual authors and do not necessarily represent those of the publisher. While we have made every attempt to ensure the information contained in this document has been obtained from reliable sources, Douglas-Westwood is not responsible for any errors or omissions, or for the results obtained from the use of this information. All informa- tion in this document is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, mer- chantability and fitness for a particular purpose. Nothing herein shall to any extent substitute for the independent investigations and the sound technical and business judgment of the reader. Laws and regulations are continually changing, and can be interpreted only in light of particular factual situations. World FLNG Market Forecast is published by: Douglas-Westwood Limited, 20 East Street Faversham Kent ME13 8AS, UK tel: +44 203 4799 505 fax: +44 1795 594748 admin@douglaswestwood.com © Copyright Douglas-Westwood Limited 2015 By purchasing this document, your organisation agrees that it will not copy or allow to be copied in part or whole or otherwise circulated in any form any of the contents without the written permission of the publishers. Additional copies of this study may be purchased at a specially discounted rate. DW report number 557-15 ISBN 978-1-910045-20-6 Production Team Editor Steve Robertson sr@douglaswestwood.com Assistant Editor Thom Payne tp@douglaswestwood.com Report Author Ben Wilby bw@douglaswestwood.com Mark Adeosun ma@douglaswestwood.com Amanda Tay at@douglaswestwood.com
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