New Fortress Energy,s’s first Fast LNG (FLNG) asset, FLNG 1 – comprising three repurposed jack-up rigs off the coast of Altamira – has had its first full LNG cargo fully loaded onto the Energos Princess, which setsail for Europe. This comes less than two months after completing the first cargo load and sail operation.
“This is a significant milestone for our Fast LNG installation.
The Bayu-Undan Joint Venture (BUJV) participants and TIMOR GAP have executed a Sale and Purchase Deed (SPD) to transfer a 16 per cent interest in the Bayu-Undan upstream project to TIMOR GAP, with an economic date of 1 July 2024. Completion of the SPD is subject to customary closing conditions.
Under the terms of the SPD, TIMOR GAP participates in the BUJV for the remainder of the economic life of production. As previously announced, the Production Sharing Contract (PSC) for Bayu-Undan will terminate at the earlier of 30 June 2026 or upon cessation of production.
The Bayu-Undan upstream project comprises the offshore petroleum field, and offshore production and processing facilities located in Timor-Leste.