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26 June 2009

Flex set to snatch Timor Sea gas patch

25 June 2009 Upstream staff - Norwegian outfit Flex LNG is set to pick up gas assets in the Timor Sea under an option agreement to buy control of Jersey-based Minza Oil & Gas which holds 100% interest in licence JPDA 06-101(A).

The floating liquefied natural gas specialist said in a statement that the acreage, which includes the Chuditch-1 gas discovery that was drilled in 1998, could hold enough gas to support a FLNG project.

Licence JPDA 06-101(A) lies in the Joint Development Area between Timor-Leste and Australia in the Timor Sea.

Flex LNG said it will select one or more partners with suitable upstream experience to develop the acreage.

Company chief executive Philip Fjeld said the deal gave Flex LNG an attractive project close to the major Asian LNG demand centres.

"This project furthermore complements FLEX LNG's project portfolio and we will immediately start a selection process in order to secure a strong partner or partners to further develop the acreage towards a floating LNG project," he added.

Flex LNG, which was established in 2006 with the objective of commercialising the world's first floating liquefaction units (LNG producers), currently has four ships incorporating liquefaction units being built in South Korea.

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