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    Venice says it is accelerating work on the Aussie LNG project

Summary

The company expects to begin construction of the LNG import terminal in South Australia later this year.

by: Shardul Sharma

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Venice says it is accelerating work on the Aussie LNG project

Australia’s Venice Energy is accelerating the construction schedule for its government-approved A$250m  ($181.8mn) LNG import terminal in South Australia, it said on March 2.

The company said negotiations with a range of off-take customers had advanced significantly and the final investment decision is expected soon.

“We have been fortunate to secure strong backing including from Brigg Macadam, debt advisors in the UK to put together the investors to underwrite our project and ensure we reach a final investment decision in the coming months,” managing director, Kym Winter-Dewhirst, said.

Known as the Outer Harbor project (OHP), Venice received the project approvals from the South Australian government in December, with the project receiving both Crown Sponsorship and designated as “essential infrastructure” by the state.

The company expects to begin construction of the terminal and associated facilities in the second half of the year and has flagged first gas into the state network by 2024 or earlier, should off-taker demand require.

The terminal includes a 146,600 m3 floating storage and regasification unit (FSRU) along with two new wharfs, loading arms, cryogenic piping and shore-based infrastructure with the ability to supply up to 140 petajoules of gas into both of the South Australian and Victorian markets.

It is currently finalising a joint feasibility study with the owners of the 680 km SEA gas pipeline between the two states that will make the pipeline infrastructure bi-directional.