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PDVSA and GALP to form joint venture to development LNG plant
CARACAS
Petroleumworld.com, May 14, 2008Portuguese energy company Galp Energia the Portuguese national energy company and Venezuela's PDVSA signed agreement to form a jont venture to the development of two projects for the liquefaction of liquefied natural gas (LNG).
Each project includes the development of a pipeline from gas producing fields offshore Venezuela Plataforma Deltana and Mariscal Sucre, which will transport the gas to the liquefaction trains.Also PDVSA and Galp signed five cooperation agreements for energy projects for oil, natural gas and renewable energy on Tuesday in Caracas
Two of the agreements call for the establishment of two companies to oversee the development of two projects for the liquefaction of liquefied natural gas (LNG). Each project includes the development of a pipeline from gas producing fields offshore Venezuela Plataforma Deltana and Mariscal Sucre, which will transport the gas to the liquefaction trains.
The facilities will be installed at Gran Mariscal de Ayacucho Industrial Complex in Guiria, Sucre. Each train will have a total processing capacity of 229.5 Bcf/year of gas, which will be sold on the international market. The agreements also will provide Galp Energia with 70.6 Bcf/year of gas produced by the two companies.
A final investment decision will be made before the end of 2009. The first volumes of LNG are expected before 2014.
The agreements follow a memorandum of understanding signed last October in Lisbon.
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