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Venice to push ahead LNG project to match rivals

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Following reports this week that AGL Energy was fast-tracking their own import project, The Australian is reporting Venice is following suit with the company preparing to apply for approval from the South Australian government.

Despite initial projections of a later date, Venice is now reportedly planning to submit a development application for its Port Adelaide FSRU to the state government in two months with a target of first gas by the middle of 2020.

The move would put the Mitsubishi-backed development in line with AGL’s Crib Point project in Victoria and the Andrew “Twiggy” Forrest-backed Australian Industrial Energy (AIE) proposal in Port Kembla, both of which are aiming to have gas in 2020.

A fourth facility, located in Victoria and developed by ExxonMobil, is currently targeting 2021 for commencement of operations.

With Venice predicting gas shortages to arise on Australia’s east coast by the middle of next year, Managing Director Kym Winter-Dewhirst said her company’s project could be brought to market quicker than others.

“The realisation is that we can get through the approval process quicker as it’s a simpler design — you can bring it to the market sooner and you can reach revenue sooner,” he said.

“We don’t want the delivery of gas held up because of a longer process for the power side.”

Mr Winter-Dewhirst also said the competing projects could coexist, with Venice’s South Australian target consumer in a “very different marketplace” than AIE’s Port Kembla proposal.

Venice is expecting the state government to take around eight months to assess their proposal.

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