FSRU GNL Del Plata under construction
Leveraging expertise accumulated in the energy transport field with LNG carriers and tankers, MOL takes a proactive stance in working on offshore businesses, where we anticipate further growth in the future.
MOL's typical offshore projects include floating storage regasification units (FSRUs) and floating production, storage and offloading (FPSO) systems, which are not used for transport, but instead are anchored in place.
Those projects are based on long-term charter contracts similar to our conventional LNG transport business model. We will expand this business in a proactive manner, drawing fully upon our decades of experience in LNG carrier projects.
In addition, we are moving into shuttle tanker projects, which transport crude oil from offshore oil production facilities including FPSOs to onshore oil refineries. We have participated in a project that owns five crude oil shuttle tankers operated off the coast of Brazil since September 2014.
And in November 2016, MOL took part ownership of a subsea support vessel, which is engaged in installation, maintenance, repair, and decommissioning of subsea equipment, spanning the various phases of exploration, development, and production of deep-water oil and gas fields.
We focus on floating storage and regasification units (FSRUs) that regasify LNG loaded at sea and send natural gas (regasified LNG) to facilities on shore. Compared to construction of onshore LNG receiving terminals, FSRUs can be adopted in a shorter time and at lower costs, so demand for FSRUs has been increasing worldwide.
In 2013, we decided to join a project to build, own, and operate an FSRU in Uruguay.
Oil field development has shifted from onshore to offshore and from shallow water to deep water, backed by increasing demand for energy and advancement of oil development technologies. Under such circumstances, MOL has engaged in long-term charter projects involving FPSO systems off Brazil and West Africa.
To date, we have participated in five projects off Brazil and one off Ghana, and continuously strive to increase the number of projects.