Australian compressed natural gas developer Global Energy Ventures (GEV) has entered into a joint development agreement with Porto Norte Fluminense (PNF) and GEV’s Brazil country associate, GAIA, to evaluate and promote the development of a CNG to power project, including CNG import facilities, in Brazil.
The agreement outlines the guidelines under which the partners will leverage their respective expertise to jointly evaluate and promote the development of a CNG to power project, including CNG import facilities, to facilitate the supply, processing and monetisation of natural gas from the Pre-Salt region. The operations of the project is expected to commence in 2025.
PNF is the owner and developer of the North Fluminense Port in the state of Rio de Janeiro. The two parties believe the Port’s proposed offshore terminal is well suited for CNG import and unloading and have commenced promoting the CNG to Power opportunity to oil and gas operators who are looking to establish an exclusive area for gas monetisation.
“A CNG to Power project, including CNG import facilities, aligns with our strategy of pursuing multiple projects in Brazil, and extending on our recently completed CNG Commercialisation Plan, we view this to be a solution for multiple developers assessing the commercialisation of Pre-Salt gas,” said Garry Triglavcanin, GEV’s executive director and chief development officer.
Last month, GEV entered into an agreement with Chinese yard CIMC Raffles to extend to December 31 the letter of intent to build a series of CNG carriers.
“CNG Optimum ships will bring a cost-effective transportation solution for the abundant gas supply off the Brazilian coast to our port facilities and will enable the creation of a Gas Hub in north of Rio de Janeiro attracting several industries, bringing competitiveness and reducing the gas price to the Brazilian market and the electricity to be produced in our power plants,” commented PNF CEO Rogerio Sacchi.