New Fortress Energy has reached the final investment decision on its first Fast LNG modular liquefaction facility.
The company noted the 1.4 million tonnes per annum capacity modular liquefaction facility aims to deliver LNG volumes to its growing customer base.
The Fast LNG design pairs the latest advancements in modular, midsize liquefaction technology with jack up rigs or similar floating infrastructure to enable a much lower cost and faster deployment schedule than today’s floating liquefaction vessels, NFE said in it statement.
A permanently moored FSU will serve as an LNG storage facility alongside the floating liquefaction infrastructure, which can be deployed anywhere there is abundant and stranded natural gas.
“Our innovative Fast LNG liquefiers should allow us to produce LNG between an expected $3-4 MMBtu for our growing portfolio of terminals around the world,” said NFE CEO and chairman Wes Edens . “
“This technology can be installed quickly and cheaply to access stranded, low-cost natural gas at a fixed price to meet the global demand for more affordable, reliable and cleaner energy”, said Edens, adding that the facility will be deployed by 2022.
NFE has issued a limited notice to proceed to Fluor, Chart Industries, and Baker Hughes for the construction of the first Fast LNG project, which is anticipated to become operational in an estimated 20 months.
In a separate statement, Chart informed the contract is valued at $47 million.
The project will include Chart’s patented ISPMR process technology, brazed aluminum heat exchangers, cold boxes, heavy hydrocarbon removal system and air-cooled heat exchangers, in addition to other pertinent equipment and engineering.