Oil majors eye $5-billion ships to cut costs

London


Anglo-Dutch oil major Royal Dutch Shell PLC is leading the charge but U.S. rivals Exxon Mobil and Chevron and Australia’s Woodside are also eyeing Floating LNG or FLNG.

Companies hope FLNG will be cheaper than building onshore liquefaction facilities, speed up the time it takes to bring fields on-stream, reduce projects’ environmental footprints and make it economic to exploit small and remote offshore deposits.

Such deposits represent over a sixth of global gas reserves, builder Costain, which offers FLNG design services, says on its website.

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