EPIK reviews Southeast Australia gas market
The developer of the Newcastle GasDock LNG terminal in New South Wales in Australia, EPIK, is working together with energy consultancy, Wood Mackenzie, to conduct a comprehensive analysis of the Southeast Australian gas market.
EPIK’s Newcastle GasDock terminal is being developed to deliver a competitive infrastructure for natural gas imports into NSW and will be located at the Port of Newcastle. The report aims to provide insight into the competitiveness of LNG imports into southeast Australia, LNG pricing trends, and demand forecasting.
“Year on year, global LNG trade volume is increasing at a healthy pace and as LNG portfolio and commodity traders review opportunities to sign up for more long-term LNG positions, there is heightened demand for opportunities like the one created by our Newcastle GasDock project which can provide these companies access to markets that will ultimately support their current and future LNG positions,” said Jee Yoon, EPIK managing director.
The Newcastle GasDock project is distinguished from competing LNG import projects in Australia by providing LNG storage and regasification services. EPIK anticipates deploying a 170,000m3 class floating storage and regasification unit capable of supplying more than 80% of NSW’s current gas demand.
In April 2019, EPIK announced it had executed an agreement with Watpac, an Australian EPC firm and subsidiary of BESIX, for the exclusive provision of services for the onshore infrastructure components of the project. In addition, EPIK has a strategic partnership with Hyundai LNG Shipping and has environmental and planning support from Arup, and legal and regulatory counsel from K&L Gates.
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