Collection of data of interest to analyze the feasibility of FLNG projects as a business opportunity, based on the current energy situation.

1. Is the Floating LNG moment?
OCTOBER, 2021

2. 2
Index
1. LNG Trade.
1.1 LNG Imports.
1.2 LNG and Gas Pricing.
1.3 Floating Liquefaction Capacity
Worldwide.
2. Floating Liquefied Natural Gas (FLNG).
2.1 In Operation Global FLNG.
3. Business Opportunity.
4. FLNG Project.
4.1 Justification.
4.2 Scope of project.
4.3 Study cases.
4.4 FLNG CAPEX (referential)
4.5 Risk of Project.
4.6 Advantages.

3. 3
Figure: 2020 LNG Imports and Market Share by Market.
Source: GIIGNL.
Despite COVID-19 impacts on
demand and supply, global LNG
trade continued its upward trend
in 2020 for another consecutive
year of growth, reaching 356.1
MT.
China, India, Chinese Taipei, the
United States (Puerto Rico), and
Brazil increased net imports
through expansion of import
capacity.
1. LNG Trade
1.1 LNG Imports

4. 4
Lowest point for Brent
US$ 69.96/bbl
on 6 Jan 2020
Lowest point JKM
US$ 1.83/MMBtu
on 28 Apr 2020
Lowest point for HH
US$ 1.47/MMBtu
on 26 Jun 2020
Highest point for HH
US$ 3.29/MMBtu
on 30 Oct 2020
35
30
25
20
15
10
5
0
Dec 2019 Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 Jun 2020 Jul 2020 Aug 2020 Sep 2020 Oct 2020 Nov 2020 Dec 2020 Jan 2021 Feb 2021 Mar 2021
90
80
70
60
50
40
30
20
10
0
Dated Brent (US$/bbl)
JKM LNG (US$/MMBtu)
WIM LNG (US$/MMBtu)
NEW LNG (US$/MMBtu)
GCM LNG (US$/MMBtu)
Dutch TTF (US$/MMBtu)
Henry Hub (US$/MMBtu)
Lowest point for Brent
US$ 13.24/bbl
on 21 Apr 2020
Lowest point for TTF
US$ 1.13/MMBtu
on 28 May 2020
Highest point for TTF
US$ 6.90/MMBtu
on 31 Dec 2020
Feb JKM Price at record
US$ 32.50/MMBtu
on 13 Jan 2021
Source: IGU World LNG report - 2021 Edition.
1. LNG Trade
1.2 LNG and Gas Pricing

5. 5
1. LNG Trade
1.3 Floating Liquefaction Capacity Worldwide
Australia, 3.6 MTPA Mozambique, 3.4 MTPA Malaysia, 2.7 MTPA
Mauritania, 2.5 MTPA Cameroon, 2.4 MTPA
Figure: Global sanctioned and operational FLNG liquefaction capacity as a february 2021.
Source: Rystad Energy
Figure: Global proposed FLNG liquefaction capacity.
Source: Rystad Energy.
United States, 54 MTPA Canada, 32 MTPA Djibouti, 10 MTPA
Mauritania, 7.5 MTPA Australia, 6 MTPA Israel, 3 MTPA
Cameroon, 1.4 MTPA Russia, 1.3 MTPA Congo, 1.2 MTPA

6. 6
2. Floating Liquefied Natural Gas (FLNG)
A floating LNG (FLNG) is an LNG plant constructed on a ship or a barge which has
LNG storage and offloading facilities.
The FLNG accomplishes the gas treatment and liquefaction (production of LNG)
from the natural gases produced in gas fields, and the storage/offloading of
product LNG to LNG carriers for ocean transportation.
In operation liquefaction technology:
 Black & Veatch PRICO (Cameroon FLNG, Tango FLNG)
 Shell DMR (Prelude LNG)

7. 7
Source: Rystad Energy.
Tango FLNG
Cameroon FLNG
Petronas Prelude FLNG
2. Floating Liquefied Natural Gas (FLNG)
2.1 In Operation Global Floating LNG
7.2 MTPA
Operational Floating Liquefaction Capacity Worldwide as of Jan 2021
The Tango FLNG vessel is
currently available for other
projects.
0.5 MTPA
16,500 m3
Start up: 2019
2.4 MTPA
125,000 m3
Start up: 2018
3.6 MTPA
437,500 m3
Start up: 2019
Liquefaction Technology:
Black & Veatch PRICO
Liquefaction Technology:
Shell DMR
Liquefaction Technology:
Black & Veatch PRICO

8. As global liquefied natural gas trade continues to expand rapidly, the challenge of
liquefaction process selection becomes increasingly important. Selecting more
versatile and cost-effective liquefaction technologies that meet stringent
emissions standards will be a key focus for new projects as governments and
companies commit to decarbonisation efforts.
Cost estimates for most new projects suggest that they will be able to profitably
deliver to stronger import markets, such as China and Southeast Asia, which are
expected to see larger increases in LNG imports during this period.
8
3. Business Opportunity

9. 4. FLNG Project
4.1 Justification
9
The development of a FLNG project is
supported by:
 Current decarbonization trend.
 The difficulties that a natural gas
liquefaction plant on land may
present.

10. 4. FLNG Project
4.2 Scope of Project
10
To install a Floating Liquefaction Natural Gas in order to provide the facilities
required to:
Facilities for the liquefaction of natural gas.
LNG storage and utilities required.

11. 4. FLNG Project
4.3 Proposed Cases (estimated)
11
Component Maximun concentration
CO2 50 ppmv
H2O 0.1 ppmv
Mercury 0.01 µg/Sm3
H2S 4 ppmv
Mercaptan Sulfur 8 ppmw
Nitrogen 1.0 mol%
Pentanes & heavier 0.075 mol%
Limits for feed gas impurities to
liquefaction process (referential)
Case 1: 90 MMPCED of feed gas in
order to reach 0.5 MTPA of
liquefaction capacity (small scale).
Case 2: 380 MMPCED of feed gas in
order to reach 2.4 MTPA of
liquefaction capacity (medium scale).
Case 3: 550 MMPCED of feed gas in
order to reach 3.5 MTPA of
liquefaction capacity (large scale).

12. 4. FLNG Project
4.4 FLNG CAPEX $/tpa (referential, 2019)
12
Figure: FLNG Cost. Source: Brian Songhurst, Research Associate, OIES. “Floating LNG Update, 2019.”
0 500 1000 1500 2000 2500
Prelude
Satu (Petronas PFLNG 1)
Dua (Petronas PFLNG 2)
Tortue (Golar Gimi)
Cameroon Episeyo (Golar Hilli)
Tango (was Caribbean FLNG)
$/tpa

13. 13
4. FLNG Project
4.5 Risk of Project
Risk Factors Impact on LNG Project Development
Projects Economics Long-term sales contracts that allow for a sufficient return typically underpin the financing of LNG projects. High
project costs or changing market prices can have a large impact.
Politics & Geopolitics Permitting may be time consuming.
Regulatory Approvals Regulatory approval may be costly and extends to the approval of upstream development and pipeline
construction.
Partner Priorities Not all partners are equally committed to a project and face different constraints depending on their respective
portfolios. Ensuring alignment in advance of an FID may be difficult.
Ability to Execute Partners must have the technical, operational, financial, and logistical capabilities to fully execute a project.
Certain complex projects may present additional technical hurdles that could impact project feasibility.
Business Cycle Larger economic trends.
Feedstock Availability The overall availability of gas to supply an LNG project may be limited by technical characteristics of the associated
fields.
Marketing/Contracting Project developers generally need to secure long-term LNG buyers for a large portion of project capacity before
sanctioning a project.
Source: IGU World LNG report - 2019 Edition.

14. 14
4. FLNG Project
4.6 Advantages
 Fast track solution that can fill sudden need of gas.
 Competitive costs for temporary, shorter-term operation.
 Overcome onshore site limitations.
 To reduce the infrastructure and environmental impact on onshore since FLNG
does not require the coastal development.
 To be built in fabrication yards where facilities and practices are well-
established for construction of the topsides modules and hull without
constraints of the countries or regions of the gas field or onshore LNG plant,
which secures the efficiency and the safety of construction.