Wison New Energies signs the EPCIC contract with Genting Group for the delivery of a FLNG facility
On June 20, 2024, Wison New Energies (WNE) and PT Layar Nusantara Gas and Genting Oil & Gas Sdn Bhd, both subsidiaries of Genting Berhad,officially signed an EPCIC (Engineering, Procurement, Construction, Installation, and Commissioning) contract for the delivery of a FLNG facility after the luncheon hosted by the Ministry of International Trade and Industry of Malaysia and Associated Chinese Chambers of Commerce and Industry of Malaysia ("ACCCIM") in conjunction with the visit of Chinese Premier Li Qiang to Malaysia to commemorate the 50th anniversary of the establishment of diplomatic ties between the People's Republic of China and Malaysia, according to WNE's release.
With a nameplate capacity of 1.2MTPA of LNG production, the FLNG facility adopts the Wison's standardized design (efficient liquefaction process and hull) and is planned to be deployed to West Papua, Indonesia.
On September 8, 2023, both parties entered into a Limited Notice to Proceed Agreement (LNTP Agreement) to purchase long lead items for 1.2 MTPA FLNG. The first steel of project has been cut on June 7, 2024. The project is expected to achieve first drop of LNG in the third quarter of 2026.
The Oil & Gas division of Genting ("Genting's O&G Division") was founded in 1996. It has developed a significant reputation in identifying or acquiring good exploration & production (E&P) acreage throughout the years including successful production at Zhuangxi Buried-Hill block in China, and successful exploration at Muturi Production Sharing Contract ("PSC"), Northwest Natuna PSC and Anambas PSC in Indonesia. Genting's O&G Division has since disposed of its participating interests in all these assets.
The existing assets of the Genting's O&G Division includes an oil producing Chengdaoxi Block in the shallow waters of Bohai Bay, China and a gas development field under the Kasuri production sharing contract in Indonesia.
