October 25, 2024 [Argus]- Singaporean firm Atlantic Gulf & Pacific (AG&P) LNG has agreed to acquire Australian LNG import terminal developer, Venice Energy, the operator of the 2mn t/yr Outer Harbor LNG terminal in Adelaide, South Australia (SA) state.

The US-based investment firm Nebula Energy, which bought a majority stake in AG&P in January this year, will fund the acquisition, AG&P LNG said in a statement.

AG&P plans to convert a 145,000m³ LNG carrier to a floating storage and regasification unit (FSRU), with a peak send-out capacity of 400mn ft³/d (4.12bn m³/yr).

Describing the project as “shovel-ready” with key permits in place, AG&P chairman Peter Gibson said the Outer Harbor terminal held advantages over other LNG import plans in the southeastern Australia region, with plans to bring the terminal online over January-March 2027 — about 13 months later than Venice anticipated in late 2023

“Together, we will develop this very timely and pivotal project to bridge the accelerating decline in gas supplies and help reinforce energy security for SA and Victoria,” Gibson said on 24 October.

Venice had been seeking investors for its project since February, after the firm’s initial agreement with domestic utility Origin Energy expired because of a lack of offtakers.

Fellow LNG import developer, Fortescue-owned Squadron Energy said this week that it was targeting LNG imports into Australia’s southeast in mid-2026, when shortfalls could reach as high as 500 TJ/d (13.35mn m³/d) because of depletion at Bass strait fields offshore Victoria.

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