NextDecade Visits Port of Cork following July 2017 MOU Announcement
Senior NextDecade Delegation Meets with Local Stakeholders in Cork, Ireland; Conduct Site Visit
Pictured (from left to right): Aleisha Woodward (U.S. Embassy Acting Deputy Chief of Mission), Jon Cook (FLEX LNG CEO), John Mullins (Chairman, Port of Cork), Kathleen Eisbrenner (NextDecade Corp. CEO), and Brendan Keating (Port of Cork CEO)
August 3, 2017 (Cork, Republic of Ireland): On July 19, 2017, NextDecade announced it had signed a Memorandum of Understanding (MOU) with the Port of Cork Company for the potential development of a Floating Storage and Regasification Unit (FSRU) and associated LNG import terminal infrastructure at the Port of Cork. (The full MOU press release can be viewed here.) From July 31 through August 4, 2017, a delegation of senior NextDecade representatives travelled to the City of Cork, Ireland, to meet with Port representatives and local stakeholders.
Representatives from NextDecade included CEO Kathleen Eisbrenner; Chief Commercial Officer Alfonso Puga, Sr.; SVP-Development & Regulatory Affairs Shaun Davison; and Director of LNG Sales & Trading Stuart Edwards. NextDecade was joined by FLEX LNG CEO Jonathan Cook, SVP of Development Thomas Thorkildsen and U.S. Embassy Chief of Mission Aleisha Woodward.
During the course of the visit, the delegation met with numerous industry, political and local stakeholders as well as members of the media to discuss the proposed project. Leading the delegation was Port of Cork Chairman John Mullins alongside CEO Brendan Keating.
The Inisfree LNG project, as the proposed development has been named, would involve the development of an FSRU and associated LNG import terminal infrastructure. FSRU facilities are typically more competitive than traditional land-based facilities due to significantly lower CAPEX costs. In addition, an FSRU development’s size and scale is well-suited to match Ireland’s domestic gas demand and grid capacity, while maintaining adequate flexibility to provide opportunities such as LNG bunkering and small-scale fuelling.
Following their meetings, the NextDecade delegation also visited the proposed FSRU site location near Whitegate. The Port of Cork is the world’s 2nd largest natural harbor and benefits from relatively benign metocean conditions. An industrialized energy hub, the south of Ireland is home to 30%-40% of Ireland’s total energy demand and 20% of its overall generating capacity. The region is also the site of Ireland’s only oil refinery.
In December 2016, NextDecade signed an HOA with Norwegian LNG company, FLEX LNG, to create a full value-chain solution for customers looking to purchase LNG from NextDecade’s Rio Grande LNG export project in Brownsville, TX. Initially, NextDecade and FLEX LNG will develop FRSU and dockside solutions for international customers of NextDecade’s, with the LNG supply also provided by NextDecade. (Read the full press release here.)
Incorporated in 2006, FLEX LNG develops floating LNG solutions including LNG production, LNG carriers and FSRUs. FLEX LNG currently operates a fleet of LNG carriers and has six highly efficient MEGI LNG carriers under construction at Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering for delivery in 2018 and 2019.