Bangladesh Signs Deals with Excelerate Energy to Build Country's First FSRU
Bangladesh entered into agreements Monday with Excelerate Energy Bangladesh Ltd. (EEBL), a unit of Excelerate Energy L.P., to construct its first liquefied natural gas (LNG) terminal at Moheshkhali Island in the Bay of Bengal, a development that would facilitate the import of gas for the energy deficient country.
The Ministry of Power, Energy and Mineral Resources and state-owned Bangladesh Oil, Gas & Mineral Corp. (Petrobangla) signed two agreements with EEBL to build a floating storage and regasification unit (FSRU),which comes six years after the government first floated the initial tender for building the LNG terminal in 2010, local daily The Financial Express reported Monday.
"There is a demand for another 3,500 million cubic feet gas for the development of industries in the country. Research is on to this end. Gas will also be imported from other countries," Bangladesh's State Minister for Power, Energy and Mineral Resources Nasrul Hamid said, as quoted in The Financial Express.
The Minister said the government is studying plans to build four other terminals on land and that construction of several other similar floating terminals is also on the agenda.
Excelerate's $500 million investment in the FSRU project, one of the largest projects in Bangladesh after those developed by Chevron Corp., would allow Bangladesh to use the terminal for 15 years after its completion. According to local media Energy Bangla, EEBL will complete construction of the FSRU within 18 months of the signing of the agreements and LNG imports may commence in early 2018.
The agreements were signed by the Ministry’s Deputy Secretary Jonendra Nath Sarkar, Petrobangla Secretary Syed Ashfaquzzaman and Excelerate Energy Chief Development Officer Daniel Bustus.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension