An Exporter s Perspective

Transcription

1 An Exporter s Perspective Kathleen Eisbrenner CEO, Pangea LNG B.V. May 2013 Mayer Brown is a global legal services provider comprising legal practices that are separate entities (the "Mayer Brown Practices"). The Mayer Brown Practices are: Mayer Brown LLP and Mayer Brown Europe Brussels LLP both limited liability partnerships established in Illinois USA; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales number OC ); Mayer Brown, a SELAS established in France; Mayer Brown JSM, a Hong Kong partnership and its associated entities in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. "Mayer Brown" and the Mayer Brown logo are the trademarks of the Mayer Brown Practices in their respective jurisdictions.

2 Who is Pangea LNG? A developer of on-shore, off-shore and hybrid LNG liquefaction projects 8 th Annual Global Energy Conference Pangea brings together a team that was responsible for generating the innovations that are at the foundation of the floating LNG (FLNG) sector Shareholders DSME, South Korea (Daewoo Shipbuilding and Marine Engineering) D&H Solutions AS Norwegian company developing stranded natural gas reserves worldwide NextDecade International An energy project development and management company; includes a team with decades of experience in LNG Active projects Eastern Mediterranean Tamar Field, Off-shore FLNG North America South Texas, San Patricio County East Africa Off-shore Floating LNG 2

3 A Precedent The Past Decade 8 th Annual Global Energy Conference Belgium France Greece Italy Japan Puerto Rico South Korea Spain Taiwan Turkey United States 2000 Only 11 Countries Imported LNG (No Floating Regas) 2005 First Floating Regasification Site (Gulf of Mexico) 3

4 History of Floating Regasification Current Sites Possible Sites LNG Importing Countries (No Floating Regas) First Floating Regasification Site (Gulf of Mexico) LNG Importing Countries Floating Regasification Sites or So Floating Regasification Sites (Projected) 4 CURRENT SITES Argentina (2) Brazil (2) UAE (Dubai) Israel Indonesia (2) Kuwait United Kingdom United States (2) POSSIBLE SITES Bangladesh Bahrain Brazil (#3) Chile (2) China Dominican Republic Egypt Ghana India Indonesia (#3) Italy Jamaica Jordan Kuwait (#2) Lebanon Lithuania Malaysia Pakistan Puerto Rico South Africa Sri Lanka Ukraine UAE (Abu Dhabi) Uruguay Vietnam

5 Floating Regasification Solutions 8 th Annual Global Energy Conference Near Shore Offshore 5

6 Relevance of New Markets and Floating Regasification Technology 8 th Annual Global Energy Conference New market alternatives are liquid fuels, priced at oil, fuel oil and diesel indices; Delivered LNG is price competitive Floating regasification has demonstrated how quickly innovative technologies can be adopted and accepted by the LNG industry Floating regasification has demonstrated reduced costs for floating solutions ~ $400 million vs. $1.2 billion for land-based equivalent Optionality 6

7 Future LNG FIDs: Time for a New Model? th Annual Global Energy Conference $2,500 to $4,000/ton Liquefaction Upstream $ BILLION $2,500 to $4,000/ton 10 $750 to $1,500/ton 0 Land Based Large Scale Offshore Mid-Scale Offshore/Nearshore 7

8 Vessel-Mounted Liquefaction Will Follow Regasification Growth Trend Existing and Planned Floating LNG Projects 8 th Annual Global Energy Conference Floating Regasification Projects Floating Liquefaction Projects 8

9 Potential for Offshore Floating Liquefaction 8 th Annual Global Energy Conference 9

10 Potential for Near Shore FLNG 8 th Annual Global Energy Conference 10

11 Floating Liquefaction Projects Announced 8th Annual Global Energy Conference UNDER CONSTRUCTION OR UNDER DEVELOPMENT United States (8) Columbia Brazil Israel Malaysia (2) Indonesia Timor Sea (3) Australia Papua New Guinea Ships Under Construction 16 Additional Under Development 11

12 Floating Liquefaction Projects Future Positions 8th Annual Global Energy Conference Eastern Mediterranean US Other Locations Eastern Canada Mozambique West Africa 2015 Potential of at Least 5 Additional Projects 12

13 Pangea LNG Opportunities for Early Supply Levant Basin 8th Annual Global Energy Conference Regional reserves likely to exceed 35 Tcf Pipeline difficulties and limited domestic market challenge additional natural gas deliveries to shore Multiple FLNG vessels provide cost effective solution for Eastern Med BWO Owner s Engineer, preferred Operator and Owner 13

14 United States Port of Corpus Christi 8th Annual Global Energy Conference 85 years history as an industrial port dealing almost exclusively in bulk cargos New York 45 feet deep federal channels with few vessel traffic conflicts Los Angeles A major petroleum port; the 6th busiest US port in terms of tonnage Houston Corpus Christi Home to 3 major refineries, large petrochemical complexes, metals processors and offshore energy industry fabricators The primary outlet for Eagle Ford shale oil production Panama Canal 14

15 Pangea LNG Opportunities for Early Supply Exports from the United States 8th Annual Global Energy Conference Margin Potential Source: EIA AEO 2013 Reference Case 15

16 Thank You 16