Using the Cap Lopez terminal in Gabon as its foundation, independent Perenco has made a final investment decision on a 700,000-tonne-per-year LNG production project.
The company said they are happy to invest in helping Gabon meet its future energy needs, support the nation in reducing its emissions, and deliver a project that will also create hundreds of direct and indirect employment opportunities.
Using the Cap Lopez terminal in Gabon as its foundation, independent Perenco has made a final investment decision on a 700,000-tonne-per-year LNG production project.
According to the company, technical approval was obtained in December 2022 after ideas were presented to Libreville's Minister of Oil and Gas. Over $1 billion has been invested in the LNG scheme. However, since it will take three years to build, production might start as early as 2026.
The plant will also generate 20,000 tpy of butane and 700,000 tpy of LNG. The strategy will enable Gabon to export LNG and become self-sufficient in butane. Separately, Perenco is constructing a new LPG factory in Gabon. This should start production this year and have a 15,000 tpy manufacturing rate.
According to Perenco general manager Benoît de la Fouchardière, the investment choice for the LNG project was "additional confirmation of Perenco's leading gas strategy in Africa. Additionally, it represents a significant turning point for Perenco's relationship with Gabon, where we have been doing business for 30 years.
The company said they are happy to invest in helping Gabon fulfill its future energy needs, support the nation in decreasing its emissions, and deliver a project that will create hundreds of direct and indirect employment opportunities.
To maintain production at the Cap Lopez facilities throughout development, Perenco has additionally dispatched a VLCC. The vessel has already made its maiden crude pull and has a 2 million barrel storage capacity. According to the business, the VLCC will store all production arriving at the facility.
In 2021, the independent paid $350 million to TotalEnergies to acquire the Cap Lopez terminal and numerous fields. After a 300,000-barrel oil disaster at the facility in April 2022, the firm was compelled to halt operations.
Perenco produces LNG in Cameroon at the Hilli Episeyo floating LNG (FLNG) project.