DOEPL PRESS RELEASE: PROJECT UPDATE
Delta Offshore Energy Pte Ltd (“DOEPL”), a clean energy project developer,announced today (16th September 2019) that the US Department of Commerce has accepted its 3200MW LNG to power project in Bac Lieu Province, Vietnam onto the US Commercial Advocacy Program.
Together with its U.S. strategic partners, including LNG Limited’s Magnolia LNG project, Baker Concrete Construction, Inc. and McDermott, DOEPL has been progressing the project to a Final Investment Decision (“FID”). The next milestone is the official notification of the project into the national power development plan (Power Development Plan 7 revised) and will serve as an important step on the path to financial close for the project. “Delta Offshore Energy is pleased to be able to assemble, for our Bac Lieu province project, a consortium of blue-chip companies that are leaders in the
Power and LNG industry. This consortium, through their recent acceptance in the US Department of Commerce Advocacy Program, shows their commitment as a group to ensure the success of the project,” said Bobby Quintos, Engineering Managing Director.
The US is an emerging leader in LNG supply globally. Multiple liquefaction plants in the US Gulf Coast reaching FID combined with various gas pipelines to cheap shale basins such as the Permian coming online enable Made-in-USA LNG to offer cost competitive and stable energy security to Vietnam.
“We look forward to supplying LNG to Vietnam and the Delta Offshore Energy project and appreciate the support being provided by the U.S. Department of Commerce,” added Greg Vesey, Managing Director and CEO, LNG Limited.
This project will support improved US-Vietnam trade relations with up to USD 30 billion in US export content over the proposed project life of over 25 years. In particular, the LNG supply, equipment and various services from U.S. Strategic partners will help balance Vietnam’s trade surplus with the US.
Vietnam is the second largest power generation market in Southeast Asia and its energy demand will continue to grow underpinned by immense industrialization and urbanization. Vietnam can benefit from flexible power generation of Combined Cycle Gas Turbines and innovative offshore LNG Terminal Solutions from 7Seas LNG & Power AS to support its renewable energy ambitions. Vietnam can also benefit from the success of US private sector investment model to attract global capital in energy infrastructure.