Excelerate Completes Studies for Bangladesh FSRU

Excelerate Energy has completed the required geotechnical and geophysical studies for the implementation of the Moheshkhali floating LNG terminal, Bangladesh's first import terminal.

Completion of these activities allows the project to remain on schedule to receive its first LNG delivery in early 2018, with financial close targeted for early 2017, Excelerate said December 13. The terminal is a joint effort between Excelerate and the International Finance Corporation under a joint development agreement. Excelerate executed definitive agreements with Bangladesh government owned Petrobangla in July this year.

Petrobangla chairman Istiaque Ahmad, Excelerate Energy CDO Daniel Bustos, and US ambassador Marcia Bernicat at the signing of the FSRU deal in July (Credit: Excelerate)

“The geotechnical and geophysical studies are significant components of the project and provide the technical path forward to final engineering and detailed design,” Excelerate said.

Under the contract with Petrobangla, Excelerate will provide a FSRU, an offshore subsea buoy system to anchor the FSRU, and a subsea pipeline to interconnect into the onshore natural gas system.  In addition, Excelerate will provide full operational services, including the provision of port service vessels and overall facility management. The FSRU will be capable of delivering natural gas at a base regasification rate of 500mn ft³/d, with peaking capacity substantially in excess of this.  

IFC is mandated to provide and arrange the financing for the project. Excelerate is in final negotiations for the major project contracts including EPC, O&M, and port services.

With local demand for gas rising, the Bangladesh government is working to improve the supply. Apart from importing LNG, it is also intrested in importing gas from Myanmar via pipeline and has sought India's assistance. 

Shardul Sharma