Mustang Teams Up with Petronas, MISC for Floating LNG Joint Venture
Mustang has entered a joint venture with Petronas and MISC Berhad (“MISC”) to develop integrated floating LNG liquefaction, storage and offloading solutions, using Mustang’s LNG Smart® liquefaction technologies. The joint venture is owned 60 percent by Petronas, 30 percent by MISC and 10 percent by Mustang, and will be headquartered in Kuala Lumpur. The first project-related activity of the joint venture, which will include a project team comprising personnel from Mustang and the other joint venture partners, will be the development of the front-end engineering design (FEED) for a floating LNG vessel, to be located offshore Malaysia. The project is expected to achieve first gas from a floating LNG FPSO facility in 2013.
The joint venture’s business approach is a long-term commitment to assisting gas owners with full project development of gas reserves in Malaysia and other countries worldwide, using cost-effective floating LNG FPSO solutions. The joint venture will also focus on the adaptation, enhancement and development of floating LNG technologies and project implementation with the goal of being the provider of choice for LNG FPSO services.
The joint venture is unique in that it offers a total value chain solution and pairs comprehensive LNG industry knowledge with a global network. Petronas will provide assistance in gas field sourcing and the marketing of LNG; MISC will provide assistance in LNG shipping fabrication, and Mustang will provide engineering design, procurement and project management services related to LNG liquefaction processes and gas pre-treatment for topsides facilities.
Mustang President Steve Knowles commented, “We value the opportunity to bring Mustang’s extensive offshore topsides engineering design experience and new technologies to this team in the floating LNG FPSO market. We look forward to working with our joint venture partners on upcoming project opportunities and expanding our presence in Malaysia.”
- 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
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- USA Oil and Gas Job Figures Jump
- 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