Malaysian oil and gas firm Petronas created a floating liquefied natural gas (LNG) facility.
The station, the ‘Pflng Satu’ was named at a ceremony held by Petronas, together with its strategic partners Daewoo Shipbuilding & Marine Engineering Company (DSME) and Technip, at the DSME shipyard in Okpo, South Korea.
Datuk Wan Zulkiflee Wan Ariffin, President and CEO of Petronas, said: “Today, we have pushed the boundaries and turned our technological aspirations of having an LNG plant on a floating vessel into reality.”
The floating LNG facility could be a game changer in the global LNG business as it paves the way for opportunities to monetise gas resources from remote, marginal and stranded fields, which would otherwise be uneconomical to develop via conventional means.
The Pflng Satu is expected to be ready for sail away Q2, 2016.
The offshore market has recently been experiencing struggles along with the rest of the maritime market. Rates have been continuously low in recent months with oil companies striving to endure the global downturn.
Brent crude oil remains low, but has recently climbed to US$40.49 per barrel, after recently falling below $30 a barrel in January, 2016 for the first time in 12 years.