Outer Harbor FSRU

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Outer Harbor FSRU, also called Port Adelaide LNG Terminal or Pelican Point LNG Terminal, is a liquified natural gas (LNG) import terminal under construction in Australia.

Location

The terminal will be next to the Pelican Point gas-fired power station in Port Adelaide, South Australia, Australia.

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Project details

• Owner: Venice Energy
• Parent: Integrated Global Partners
• Vessel Owner: AG&P LNG, GAS Entec
• Location: Port Adelaide, New South Wales, Australia
• Coordinates: -34.769985, 138.502867 (approximate)
• Capacity: 1.1 mtpa
• Status: Construction
• FID:
• Type: Import
• Cost: AUD$200 million
• Start year: May 2026
  • Formerly 2024

Background

In July 2018, Venice Energy proposed building a A$750-800 million LNG import terminal in Port Adelaide, Southern Australia. Venice Energy was seeking government approval by March 2019, with plans to begin construction in June 2019.

In November 2020, Venice Energy finally signed a project agreement with Flinders Ports, allowing the project to proceed with a new estimated start year of 2022. The proposed facility would be located adjacent to the Pelican Point gas-fired power station.

In May 2021, Venice Energy announced it had finalised its preferred supplier of a FSRU for the project, though it did not disclose the FSRU supplier. The company said that is is planning a final investment decision (FID) on the project by the end of this year.

In December 2021, the government of South Australia granted the developers approval to build the facility.

A Venice Energy spokesperson said in March 2022 that they anticipated reaching FID over the coming months.

In July 2022, Japan's Marubeni signed a Memorandum of Understanding (MOU) to join Venice Energy in developing the project.

In January 2023, LNG Prime reported that GasLog Partners intended to convert one of its four 145,000-cbm steam LNG carriers into an FSRU for the project. More information on FID is also expected mid-2023, according to the CEO of GasLog Partners.

Venice Energy that claims the FSRU will be the first LNG terminal in the world to operate exclusively on renewable energy. Construction for the project is expected to take 12 months.

In May 2023, a study conducted jointly with SEA Gas, which owns an approximate 680-kilometer pipeline between the states of Victoria and South Australia, confirmed the pipeline can be reconfigured to facilitate bidirectional flow between the states.

In October 2023, Venice Energy signed an exclusivity agreement with Origin Energy which will see Origin become the single user of the terminal for a minimum of 10 years. This agreement ensured that the stage 1 enabling works could begin shortly.

In October 2023, the company started site preparation activities ("stage 1 enabling works") which included dewatering of dredge ponds and the earthworks for the construction of access roads, and the lay-down area to bring bulk materials to the site.

In February 2024, the site was ready for construction to start. It was also reported that construction was expected to take 24 months, with first gas expected to flow into the network by May 2026 following a period of commissioning.

In February 2024, Venice Energy signed an agreement with AG&P LNG and GAS Entec for the delivery of a converted FSRU.

Financing

In March 2023, Venice Energy's managing director said, “We have been fortunate to secure strong backing including from Brigg Macadam, debt advisors in the UK to put together the investors to underwrite our project and ensure we reach a final investment decision (FID) in the coming months.”

In May 2023, it was reported that the FID was expected in August 2023.

In September 2023, Venice Energy said it expected to reach FID by October 2023.