Global demand for natural gas has been rising as it is a preferred fuel in power generation in various industries. Natural gas is cleaner, safer, and more cost-effective than other fuels. It has the potential to significantly reduce greenhouse gas (GHG) emissions. Natural gas is consistently being used to substitute high pollutant fuels such as coal and fuel oil in power and industrial sectors in several countries. Natural gas is a multipurpose fuel. Its growth is associated in part to environmental benefits relative to other fossil fuels.
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FLNG terminals provide a solution for gas to be processed, stored, and liquefied in offshore facilities before loading it on to tankers for export. FLNG systems operations and processes are carried out for the movement of off-shore based natural gas reserves. Floating terminal operations and processes are majorly used for production, storage, liquefaction, and transfer of liquefied natural gas from offshore gas reserves to onshore ones. FLNG terminals offer cost-effective solution for the development of standard fields. Oil & gas companies can relocate their vessel to other fields due to the depletion of resources. This not only lowers the decommissioning cost but also reduces the cost of adding new fields. Offshore FLNG production vessels can be described as placing the traditional onshore liquefaction plant on liquefied natural gas tanker which delivers the storage capacity.
FLNG terminals generate liquefied natural gas directly on off-shore floating systems. This helps lower down the investments required for onshore LNG system development. FLNG terminals require less space; this minimizes the development cost and reduces disturbance caused by space requirements. The opportunity provided by the Floating Storage Regasification Unit (FSRU) and Floating Production Storage and Offloading (FPSO) contractors to lease FLNG vessel enables smaller independent energy companies it also helps companies by avoid ordering and buying cost of liquefaction equipment and facility requirement.
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Increase in new offshore floating projects due to the rise in demand for gas is expected to boost the FLNG terminals market. FLNG terminals offer the possibility of lowering production costs and expanding production, thus improving the project economics. Lease option would enable smaller independent energy companies with limited capital to enter the market and meet the global demand for gas. Lack of infrastructure and sluggish growth of developing economies are factors anticipated to negatively impact the FLNG terminals market. Design and construction challenges pertaining to FLNG terminal facilities are also estimated to hamper the market during the forecast period.
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