MEO Australia Gets Updated Environmental Consents for Tassie Shoal Projects

MEO Australia Ltd. reported Thursday that the firm has received updated environmental approvals extending the approvals period for the liquefied natural gas (LNG) development of the Tassie Shoal Projects offshore Northern Australia, enhancing the flexibility to process gas of varying qualities into LNG.

The proposed Tassie Shoal Projects, comprising 1 LNG plant (TSLNG) and 2 methanol plants (TSMP1 & TSMP2), are located on a shallow water shoal within the North West Australian hydrocarbon precinct, around 171 miles (275 kilometers) from Darwin, and surrounded by significant discovered but undeveloped high carbon dioxide (CO2) gas fields, now held under retention leases.

MEO said TSLNG, with a design capacity of 3 million tons per annum, provides significant cost savings compared to other LNG development options and the updated environmental approvals clarify the potential for TSLNG to accept all gas qualities and compete on an even footing with other development options.

Under full development the 2 methanol plants would use 440,000 standard cubic feet per day (4 trillion cubic feet) of raw gas over 25 years. The plants can accept raw gas with a CO2 content of up to 30 percent and it had offered to purchase raw unprocessed gas (including CO2) for $3.15 million British thermal unit (January 2015 basis, delivered to TSMP plant gate), an offer which was rejected by producers at the time.

"These updated environmental approvals for the LNG Project now align both the requirements for feedstock gas and the approval period to 2052. The Tassie Shoal Projects represent a high potential, low cost and long-term opportunity for MEO shareholders ... The unique concept of the Tassie Shoal Projects represents an opportunity for industry to collaborate with MEO to commercialize the significant, undeveloped discovered resources in the region for the benefit of all stakeholders,” MEO Managing Director & CEO Peter Stickland said in the press release.

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