Sycar Venezuela FLNG Terminal

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Sycar Venezuela FLNG Terminal is a proposed liquefied natural gas (LNG) export terminal in Venezuela. As of September 2024, the project was presumed to be shelved.

Location

The terminal is proposed to be located offshore from the José Antonio Anzoátegui Petrochemical Complex in Anzoátegui state, Venezuela.

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Project details

• Operator: Sycar, PDVSA
• Owner: Sycar, PDVSA
• Parent company: Sycar, PDVSA
• Vessel:
• Vessel operator:
• Vessel owner:
• Vessel parent company:
• Location: José Antonio Anzoátegui Petrochemical Complex, Barcelona, Anzoátegui state, Venezuela
• Coordinates: 10.088111, -64.862283
• Capacity: TBD
• Status: Shelved
• Type: Export
• Start year:
• Cost:
• Financing:
• FID status: Pre-FID
• Associated infrastructure:

Background

In November 2022, US-based Sycar announced that it had signed a memorandum of understanding with Venezuela's state-owned oil and gas company PDVSA to develop a new floating liquefied natural gas terminal (FLNG) adjacent to the José Antonio Anzoátegui Petrochemical Complex near Barcelona, Anzoátegui state, Venezuela. Sycar planned to export LNG from the new terminal to countries in Latin America and Europe.

In announcing the new project, Sycar noted that it had already begun applying for the necessary marine concessions and environmental permits from Venezuelan authorities, while simultaneously seeking a license from the US Office of Foreign Asset Control (OFAC) allowing it to liquefy and export Venezuelan fossil gas. Upon issuance of the required permits, Sycar anticipated that exports from the new terminal could begin as early as 2024. A Sycar spokesman indicated that the company hoped to circumvent US sanctions against Venezuela by arguing that the new terminal would reduce the negative environmental and climate impacts resulting from the country's current unrestricted flaring of large quantities of excess fossil gas.

In April 2024, in response to concerns about the integrity of Venezuela's upcoming presidential elections, the United States reinstated sanctions against Venezuela's oil and gas sector, and required US-based companies to wind down any existing oil and gas projects in the country by the end of May. As of September 2024, there had been no further news of the project's development in nearly two years, and it was presumed to be shelved.