London: Exmar and its client Pacific Rubiales are still looking for gas fields in which to employ the Caribbean FLNG unit, which is nearing completion in China.
The barge was originally planned for deployment in Pacific Rubiales’ FLNG project in Colombia, but start-up was put on hold in January this year due to “unfavourable market conditions”. Global oversupply has caused natural gas prices to plunge since the project was announced.
Exmar said today the FLNG unit is “95% completed” and commissioning will begin in China this summer.
The $180m floating liquefaction, regasification and storage unit (FSRU) Caribbean FLNG launched in November 2013, ready for deployment at the port in Tolu, southeast of Cartagena. The FSRU is equipped to convert 72m cubic feet per day of natural gas into LNG for temporary storage and export.
“Pacific Rubiales will start chartering the barge as from successful commissioning of the [FSRU] Caribbean FLNG as per the underlying 15 years’ contract,” Exmar said today in its annual result for 2014.
“Exmar expects to receive the first daily payments from Pacific Rubiales in the course of the fourth quarter 2015,” the Belgium-based company said.
The planned IPO of Exmar Energy partners is still postponed “given the equity capital market’s lukewarm appetite for energy-related master limited partnerships,” the company said today. “No new calendar has been set but Exmar is in a position to quickly react to market opportunities.”