On June 20, Genting Oil & Gas Limited (Genting Group), through its two subsidiaries, PT Layar Nusantara Gas and Genting Oil &Gas Sdn Bhd, formally signed a Floating Liquefied Nature Gas Facility (FLNG) EPCIC contract with Wison New Energies (WNE), valued at US$1 billion (approximately RMB 7.26 billion) and the contract period is expected to be 27 months.
The FLNG started construction on June 7, 2024, and the first LNG is expected to be commissioned in the third quarter of 2026, when it will become Indonesia’s first and the world’s ninth FLNG. With a nameplate capacity of 1.2MTPA of LNG production, the FLNG facility adopts the Wison’s standardized design (efficient liquefaction process and hull) and is planned to be deployed to West Papua, Indonesia. When completed, it will be deployed in Teluk Bintuni, West Papua Province, Indonesia, and will supply feedstock gas from Genting’s Asap, Merah and Kido projects in the Kasuri Block concession in West Papua.
Witnessed by the senior leaders of the two countries, Mr. Liu Hongjun, Chairman of Wison New Energies, and Tan Sri Lim Kok Thay, the Chairman and Chief Executive of Genting Berhad together with Dato’Sri Tan Kong Han, President & COO & Executive Director of Genting Berhad, signed the EPCIC contract.
Mr. Liu said, “We are very honored to cooperate with Genting Group. The successful signing of this project will further promote Belt and Road cooperation, and greatly contribute to Indonesia’s energy transition and economic development. The Genting Group’s FLNG facility is not only the first FLNG facility in Indonesia, but also another milestone FLNG project for WNE as this will be the third FLNG facility built by us. We will go all out, live up to the expectations of our client, and ensure the timely delivery of this project with high quality.”
On September 8, 2023, both parties entered into a Limited Notice to Proceed Agreement (LNTP Agreement) to purchase long lead items for 1.2 MTPA FLNG. The first steel of project has been cut on June 7, 2024. The project is expected to achieve first drop of LNG in the third quarter of 2026.
The Oil & Gas division of Genting (“Genting’s O&G Division”) was founded in 1996. It has developed a significant reputation in identifying or acquiring good exploration & production (E&P) acreage throughout the years including successful production at Zhuangxi Buried-Hill block in China, and successful exploration at Muturi Production Sharing Contract (“PSC”), Northwest Natuna PSC and Anambas PSC in Indonesia. Genting’s O&G Division has since disposed of its participating interests in all these assets.
The existing assets of the Genting’s O&G Division includes an oil producing Chengdaoxi Block in the shallow waters of Bohai Bay, China and a gas development field under the Kasuri production sharing contract in Indonesia.
Wison New Energies is a leading provider of clean energy technology service and solutions, is committed to providing the energy industry with highly integrated EPCIC solutions, including floating LNG facilities, modularized LNG plant, floating gas-to-power facilities, floating wind power and other clean energy solutions. Based on a track-record of successful project delivery, the experienced Wison team applies its expertise in technical innovation and two world-class shipyards to provide EPC services that meet the highest international quality and safety standards.