Australian LNG terminal developer Venice Energy will aim for a final investment decision (FID) by August for its proposed 1.7mn t/yr Outer Harbor LNG import terminal in Adelaide, South Australia.
Venice said it continued to court investors for the A$300mn ($200mn) project with formal negotiations involving several major companies under way, following the firm securing a floating storage and regasification unit from Singapore-based firm AG&P in February.
"Strong interest" had been received for its proposed terminal from US and Asia-based companies, Venice said, after initial talks with Australian utility Origin Energy ended in February with no agreement on a proposed 10-year deal for sole use of its import capacity.
"Our aim is to finalise [an investment deal] and push hard towards a FID by August this year, with a construction start date in October," Venice Energy chair Kym Winter-Dewhirst said on 6 June. Construction and commissioning of the facility is likely to take two years.
The looming seasonal shortfall of gas in southern Australia means the likelihood of LNG imports to the region are increasing. Fortescue-owned Australian developer Squadron Energy's 2.4mn t/yr Port Kembla LNG terminal connected to the Eastern Gas Pipeline in late 2023, linking Victoria and New South Wales states, ahead of likely operations in mid-2026.
