FLNG - Survey Reveals Trend Towards Investment in FLNG in Next 5-10 Years
A survey with industry experts recently conducted by the Global Floating LNG Summit revealed that an increasing trend towards an investment in FLNG technology can be expected in the upcoming 5-10 years.
- (1888PressRelease) December 02, 2010 - Since 2005, a considerable growth in Floating Liquefied Natural Gas (FLNG) technology has been recognised. The latest and most important development in the industry is probably the environmental approval of Shell's floating LNG facility by the Australian government. "Receiving environmental approval is an important milestone as we continue to work on the development of the Prelude project" commented Ann Pickard, Shell Australia Chair and Executive Vice President for Exploration and Production. Thus, the foundation stones for further investment in FLNG technology have been laid.
With regard to these new industry developments, the Global Floating LNG Summit conducted a survey with industry experts, revealing that an increasing trend towards an investment in FLNG technology can be expected in the upcoming 5-10 years.
The survey has been answered by 43 respondents all working in a leading position in the oil and gas industry either implementing new technologies or consulting those who are thinking about a future investment.
The majority of respondents see an increasing trend for investments into FLNG technology. Even though 35% of respondents state that FLNG is an unproven technology, 56% of all interviewees already have an FLNG project under way at the moment. Obstacles standing in the way of FLNG becoming reality include insufficient return on investment, high implementation costs, health and safety issues and the fear of investing in a "new" technology.
Nevertheless, 67% of respondents have an interest in learning more about floating liquefaction and floating regasification technology, with a view to seeing the new technology implemented within the next 5 to 10 years. 32% of industry experts expect their organisation to invest in FLNG technology within the next five years and 39% already have invested in this new developing technology. In general, 44% of all interviewees think that FLNG will be operational within the next 5 years and 47% believe it to be implemented within the next 10 years. Only a minority of 2% do not think that FLNG will prove a success in the future.
At the moment, many oil and gas companies are planning an investment into Floating LNG, however (apart from Shell) they still need more information and clarification about the opportunities and risks of the technology before they can make a final decision. According to the respondents of the survey. there are still a lot of challenges to overcome but solutions are already on their way.
In order to help making the business case for the final investment decision, the Global Floating LNG Summit, taking place on the 25th to 26th January 2011 in London, will provide operator led, in-depth analysis on how to perfect ship-to-ship transfer with the latest technical developments, utilise the latest advances in floating re-gas and liquefaction technology, build the business case for investment and ensure that your FLNG project is safety compliant from its inception with direct guidance from the HSE.
For the detailed survey results or for further information about the Global Floating LNG Summit see www.globalflngsummit.com.
The Global Floating LNG Summit offers operator led case studies and discussions, insights on the only FLNG projects on the market right now, a cutting edge analysis on optimum FLNG vessel design and technology solutions, advise on implementation strategies for successful FLNG projects and brings together global decision makers and key solution providers.
Oil and Gas IQ is an online community which provides over 100 technical and strategic events across Europe, Asia, the US and the Middle East every year, educating almost 5,000 high-level executives annually.
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