GEV commences CNG commercialisation study in Brazil

GEV commences CNG commercialisation study in Brazil

Australian CNG project firm Global Energy Ventures (GEV) has commenced a CNG commercialisation study of an offshore in-development oil field in the Brazilian pre-salt region.

The field selected is in the Santos Basin, around 200km off Rio de Janeiro, and first oil and gas production is expected in 2020 via an FPSO vessel. The study will be completed by March 2020, and a financial investment decision will be made towards the end of 2020.

GEV plans to ship gas from the development to onshore markets utilising its own CNG Optimum ships.

In July, GEV signed a letter of intent with Chinese shipyard CIMC Raffles for the construction of up to eight CNG carriers. The LOI is based on a firm order for four 200 mmscf CNG carriers, and options to build additional four.

Garry Triglavcanin, executive director & chief development officer of GEV, commented: “Brazil represents a wonderful opportunity for GEV’s Optimum CNG ships. Whilst the country is currently reinjecting 1 Bcf of gas each day, equivalent to five CNG Optimum ships, the amount of gas to be reinjected is expected to increase more than 3 times as new oilfield projects are developed in the Brazilian Pre-Salt. It is beneficial for all stakeholders to monetise associated-gas and displace imported LNG, which is subject to international pricing.”

GEV has sent project manager Luke Velterop to reside in Rio de Janeiro on a full-time basis to help push the project forward and work on other opportunities in Brazil.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

Related Posts