El Paso Global LNG Signs MOU With EGAS
El Paso Global LNG, a subsidiary of El Paso Corporation has signed a Memorandum of Understanding (MOU) to work with the Egyptian Natural Gas Holding Company (EGAS) and the Eqyptian General Petroleum Corporation (EGPC) to investigate opportunities for El Paso to invest in the natural gas sector in Egypt. The MOU will allow the parties to cooperate in the exploration, production, gathering, transportation, and processing of natural gas and the possible development of a liquefied natural gas (LNG) liquefaction plant in Egypt. The parties will begin various studies into Egypt's natural gas sector immediately.
El Paso Announces Development of a Shipboard LNG Regasification System
El Paso Global LNG, a subsidiary of El Paso Corporation announced the development of EP Energy Bridge(TM), a new ship-based liquefied natural gas (LNG) regasification system. Using proven offshore buoy technology to moor the ship and proprietary technology to regasify LNG onboard the ship and discharge it through a subsea pipeline, EP Energy Bridge(TM) enables flexible, environmentally safe, and cost-effective delivery of natural gas directly to coastal regions eliminating the need of a conventional land-based terminal. This delivery system is expected to be operational and in service by 2005. "EP Energy Bridge(TM) gives El Paso the ability to serve existing baseload and peaking demand marketsā¦
Daewoo Shipbuilding Gets Order From Exmar
Daewoo Shipbuilding & Marine Engineering Co. has won a $270 million order to build a liquefied natural gas carrier and refit three other LNG carriers for Exmar N.V. of Belgium. According to reports, Daewoo will deliver the vessels by 2005. The vessels are capable of carrying 4.83 million cubic feet of liquefied natural gas each and will be chartered to Houston, Texas-based El Paso Global LNG.
El Paso Finalizes Agreement
El Paso Global LNG, a subsidiary of El Paso Corporation, announced today that the definitive liquefied natural gas (LNG) purchase and sale agreement signed in October 2001 with a consortium of natural gas production companies led by Statoil ASA received final Norwegian and United States government approvals on May 31, 2002. The consortium will develop the Snohvit Project in northern Norway and provide El Paso with an annual delivery of approximately 1.8 million tons of LNG during the 17-year primary term of the agreement. This agreement will account for more than 40 percent of the total capacity to be produced at the Snohvit Project's LNG liquefaction facility, which will be located on Melkoya Island, just north of Hammerfest, Norway.
