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USA: Pangea LNG Seeking Approvals for Corpus Christi Project

Pangea LNG Holdings announced that it has begun the process of seeking approvals necessary to build a liquefied natural gas export facility on Corpus Christi Bay in South Texas.

Pangea has filed an application with the U.S. Department of Energy seeking authority to export up to eight million metric tons per year of liquefied natural gas to all current and future countries with which the U.S. has a Free Trade Agreement and intends to quickly file a similar application for LNG exports to any country with which the U.S. does not have a Free Trade Agreement in effect.

The project is located in the city of Ingleside on the La Quinta Ship Channel which is part of the Port of Corpus Christi. The project will be known as South Texas LNG Export.

South Texas LNG Export will be located on a portion of a 550-acre site which includes half a mile of frontage on the federally-maintained deepwater ship channel. Pangea has had the site under option since June. A separate pipeline project would connect the LNG plant to the extensive interstate and intrastate natural gas transmission pipeline network in South Texas.

Pangea LNG is an energy project and investment company involved in the development of LNG liquefaction and storage projects around the globe including an offshore floating LNG liquefaction project in the Eastern Mediterranean Sea.

John Godbold, project director for Pangea LNG, said an intensive project feasibility and preliminary design process is now underway on the South Texas project. The assessment is being conducted by CB&I, a leading international engineering, procurement and construction company.

The South Texas LNG Export project will require federal, state and local regulatory approval. The U.S. Federal Energy Regulatory Commission (FERC) is the lead agency in the permitting process. If this process moves forward on schedule the South Texas LNG terminal could be in operation by 2018.

Kathleen Eisbrenner, Pangea LNG’s chief executive officer, said, “We expect there to be several successful LNG export projects on the Texas Coast in the coming years because of the large new natural gas reserves in North America. Exporting LNG will help stabilize U.S. natural gas prices, sustain drilling and production jobs in South Texas, and stimulate investment in developing additional gas reserves.”

The South Texas project is the second LNG liquefaction project being developed by Pangea LNG companies. Levant LNG Marketing, a Pangea subsidiary, completed an extensive pre-FEED (preliminary front end engineering design), is finalizing commercial agreements and will start FEED engineering shortly on the Tamar Project which will export LNG from the Tamar and Dalit fields in the Eastern Mediterranean, 60 miles offshore from Israel.

That facility will be a permanently moored offshore floating natural gas liquefaction vessel with onboard LNG storage. The self-contained operation will be the first floating LNG export project in the Mediterranean basin. A final investment decision on the Tamar Project is expected by the second half of 2013.

USA: Pangea LNG Seeking Approvals for Corpus Christi Project LNG World News.

Pangea, Tamar Partners Share Israeli FLNG Costs

A Cost Sharing Agreement (CSA) has been executed between Levant LNG Marketing, a subsidiary of Pangea LNG B.V., and Tamar Partners. This major milestone demonstrates the continuing progress toward the export of LNG from the Tamar and Dalit fields in the Eastern Mediterranean, 60 miles offshore from Israel.

The Tamar Partnership will participate in the cost of developing the project front end engineering and design (FEED) for a permanently moored offshore floating natural gas liquefaction vessel with onboard storage. Pangea LNG and Tamar Partners anticipate launching FEED by end of 2012 and making a final investment decision by the second half of 2013.

The floating liquefaction (FLNG) midstream solution is being developed by Pangea LNG, an LNG development and investment company owned by Daewoo Shipbuilding and Marine Engineering (DSME), Next Decade International and D&H Solutions AS. Pangea LNG is a floating LNG liquefaction and storage project developer now working on projects around the globe that will connect gas suppliers to the world’s most important LNG demand markets.

The Tamar Partnership includes Noble Energy Mediterranean Ltd, Isramco Negev 2 Limited Partnership, Delek Drilling Limited Partnership, Avner Oil Exploration Limited Partnership, and DorGas Exploration Limited Partnership. These companies are the owners and producers involved in the discovery of significant natural gas resources in the Tamar and Dalit fields where development drilling is underway.

Gerhard Ludvigsen, a founding member of the Pangea LNG board of directors, said “the Tamar project embraces the entire value chain and balances the risk positions for the owners of hydrocarbons, the off takers and the midstream technology provider.

“The Pangea business model offers the opportunity for all stakeholders to take part in the value enhancement from gas production through the FLNG/midstream solution to the final off take of LNG. Pangea LNG opens the potential for national oil companies and owners of small to medium size gas reserves to monetize stranded gas and take part in the value creation in the entire value chain.”

Pangea LNG continues to work on off-take agreements for LNG production from the Tamar project. Pangea LNG has already executed several letters of intent with potential off takers and is in the final stage of negotiations for the long term sales and purchase agreement.

The Tamar framework agreement represents an important step in the development of what will be the first floating LNG liquefaction project in the Mediterranean basin. The Tamar and Dalit fields are located in the Levantine basin in Israeli waters.

“The Eastern Mediterranean gas fields provide a particularly good location for deploying an offshore floating LNG solution,” said Kathleen Eisbrenner, Pangea LNG’s chief executive officer. “The reserves are large, the climate is moderate and the location offers efficient access to significant LNG markets.”

O.K. Shin, Team leader of DSME Corporate Strategy Team, noted that the vessel-mounted liquefaction system being designed will take advantage of the efficiencies of the DSME shipyard construction environment and the best practices the company has developed during many years of LNG and process vessel construction.

Pangea LNG brings together a team that generated the innovations that are at the foundation of the floating LNG sector. DSME, the majority owner of Pangea, is one of the world’s leading shipbuilders and a contractor for major energy companies providing them with offshore platforms, drilling rigs and floating production units. The company builds special purpose vessels and specializes in LNG carriers. It constructed nine of the 11 floating LNG regasification vessels now in service.

Pangea, Tamar Partners Share Israeli FLNG Costs| Offshore Energy Today.

Noble Homer Ferrington to Drill Gabriella License Offshore Israel

Adira Energy Ltd. announces that Modiin Energy L.P, on behalf of the Gabriella License consortium, including Adira and Brownstone Energy, has executed a detailed drilling contract with Noble International Ltd (“Noble Drilling”). The Agreement provides for the drilling of the Gabriella License by the Noble Homer Ferrington semi-submersible rig prior to the government regulated spud date of June 30, 2013.

Jeffrey E. Walter, Chief Executive Officer of Adira Energy stated: “Another major milestone has been delivered to Adira’s shareholders with the signing of the Homer Ferrington rig contract. This will enable us to drill the highly anticipated Gabriella License which is Adira’s core asset. With over 110 million barrels of contingent oil resources, this project is important to Adira as well as a fundamental key in moving forward on the oil potential offshore Israel. The Homer Ferrington has drilled some of the most successful discovery wells in the Eastern Mediterranean including “Leviathan” offshore Israel and “Block 12” offshore Cyprus. ”

The Gabriella License is located approximately 10 kilometers northwest of Tel Aviv, in the waters offshore Israel. The block covers an area of approximately 392 square kilometers (97,000 acres) and is in water depths that range from 100 meters on the east side of the block to just over 425 meters on the southwest side of the block. Adira holds a 15% Working Interest in the Gabriella License plus a 15% back-in option from Modin Energy, to be exercised within six months of discovery, at cost.

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