Belgian company Exmar has received an Approval in Principle (AiP) from Bureau Veritas Marine & Offshore for the design of its floating LNG conversion vessel. This design is aimed at processing, liquefying, and storing natural gas at sea, based on an existing vessel with a storage capacity of approximately 170,000 cubic meters of LNG and a design life of 25 years.
The Vital Role of Floating LNG Conversion in Gas Resource Development
David Barrow, Senior Vice President of Bureau Veritas for Western Europe and the Americas, stated: "Floating liquefaction solutions play a significant role in unlocking offshore gas resources and supporting the development of energy projects in a flexible and cost-effective manner." This approval indicates that existing LNG vessel assets can be repurposed to support future developments at sea.
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Feasibility of Converting LNG Vessels to Floating Liquefaction Units
This design has been evaluated according to Bureau Veritas requirements for offshore gas production units and focuses on the hull structure, LNG cargo containment system, and the mooring arrangement of the vessel. The initial approval demonstrates the potential to convert existing LNG vessel assets into floating liquefaction facilities, which could provide an alternative pathway for developing offshore gas resources and assist in the efficient execution of projects.
The goal of this FLNG is to unlock stranded gas resources and addresses projects with low capital costs, shorter timeframes from final investment decision (FID) to production, and high productivity needs. Utilizing the conversion of an existing LNG vessel instead of constructing a new vessel allows this concept to provide a practical approach to reducing development time and investment while offering a flexible solution for offshore gas developments.
The initial approval (AiP) was obtained more than a month after Exmar received an LNG vessel that is set to be converted into a floating transshipment unit (FTU) for the LNG fuel market.
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