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Venice Energy speeds up Outer Harbor LNG construction

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Australian developer Venice Energy says it is accelerating the construction schedule for its FSRU-based Outer Harbor LNG import terminal in South Australia.

Venice Energy proposed a A$250 million ($181 million) LNG import facility. This is the Outer Harbor LNG, located at the Port of Adelaide.

The terminal includes a 146,600 cubic metres floating storage and regasification unit (FSRU). In addition,it comprises two new wharfs, loading arms, cryogenic piping, and shore-based infrastructure.

In December, the government of South Australia granted Venice Energy approval to build the facility. So, this became one of only two LNG import projects that Australia approved.

The company said negotiations with a range of off-take customers had significantly advanced. Moreover, this week it will undertake a major investor roadshow in east coast capitals.

Venice Energy managing director Kym Winter-Dewhirst said there is strong interest from the investment community, both locally and overseas.

“We have been fortunate to secure strong backing including from Brigg Macadam, debt advisors in the UK to put together the investors to underwrite our project and ensure we reach a final investment decision (FID) in the coming months.”

“As the first LNG terminal in the world to be powered by renewable energy there is strong support for the ESG credentials of what we are delivering.”

Therefore, the construction of the terminal and associated facilities will start in the second half of 2022.

Venice Energy is currently finalising a joint feasibility study with the owners of the SEA Gas pipeline between the two states that will make the pipeline infrastructure bi-directional. This would allow
delivery from the Outer Harbor Project to key customer locations in South Australia and Victoria.