May. 25. 2007
Marubeni Gas Development Co., Ltd., a wholly-owned subsidiary of Marubeni Corporation, who is one of shareholders of Equatorial Guinea LNG Holdings Limited (“EG LNG”), announced today that EGLNG has completed the delivery of the first cargo of liquefied natural gas (LNG) from the EG LNG Train 1 plant on Bioko Island, Equatorial Guinea. The first LNG cargo was delivered to the 138,000 m3 LNG tanker Gracilis under a long-term agreement to supply 3.4 mmtpa to BG Gas Marketing LTD (“BG”). This first cargo is initially destined for Lake Charles, Louisiana, USA; however, BG holds destination flexibility in determining where its cargos will be delivered.
EGLNG project has been one of the fastest ever seen in the LNG industry with the first cargo almost 6 months ahead of schedule and has been completed within its original budget and with more than 8 million manhours without a Lost Time Incident.
The EG LNG shareholders announced the Final Investment Decision for the $1.5 billion Train 1 project in June 2004. More than 600 million gross cubic feet per day of dry gas from the Marathon-operated Alba Field will be processed through the LNG plant, which is located on the northwest side of Bioko Island at Punta Europa. Bechtel was the primary engineering, procurement and construction (EPC) contractor. Construction costs for the Train 1 plant were approximately $1 billion, or an equivalent of approximately $270 per metric ton of LNG per year. In addition, other costs associated with the project totaled approximately $400 million representing project support and initial operations activities. Preliminary construction work on the plant began in December 2003.
The Equatorial Guinea LNG plant utilizes the ConocoPhillips Optimized CascadeSM Process. While the contracted offtake rate is 3.4 million metric tons per year, the plant will have the ability to operate at higher rates. Key plant facilities include: refrigeration systems, compressors, condensers, two LNG storage tanks and marine facilities that allow for the berthing, mooring and loading of LNG ships ranging in size from 90,000 to 160,000 cubic meters.
The Shareholders in EG LNG Co are Marathon, which holds a 60 percent interest; Sonagas G.E. S.A., the National Gas Company of Equatorial Guinea, with a 25 percent interest; as well as Marubeni Gas Development Co., Ltd. and Mitsui & Co., Ltd. which hold the remaining 6.5 percent and 8.5 percent interest, respectively.