Perth-based Transborders Energy has won support from the Australian Government for its innovative solution to access identified gas resources that are too costly to be mined with conventional approaches.
According to the company, around 40 of such 'stranded' offshore gas resources have been identified containing close to 25% of Australia's total gas resource.
At present the global market for liquified natural gas (LNG) is over-supplied, and according to a recent report by the International Energy Agency, LNG demand increases over the coming five years are not expected to make-up for it.
However, Transborders believes this will change over the longer term, and the Australian Government agrees: it has now granted the company's $1.6 billion floating vessel solution Major Project Status as a formal recognition of the national strategic significance of the project.
Transborders is in the process of deploying a Floating LNG vessel capable of producing 1.2 million tons of LNG per year for 25 years from 2025. The company's solution also includes a package of processes to support the conversion of stranded gas resources into commercially viable reserves.
Transborders says that it could ulimately recover over ~500 Billion Cubic Feet (BCF) of gas.