Daily Newsletter

09 November 2023

Daily Newsletter

09 November 2023

Excelerate to supply LNG to Bangladesh’s Petrobangla

Excelerate will deliver 0.85 million tonnes per annum (mtpa) of LNG in 2026 and 2027 and then 1mtpa from 2028 to 2040.

Archana Rani November 09 2023

US-based Excelerate Energy has signed a liquefied natural gas (LNG) supply deal with Bangladesh Oil, Gas & Mineral Corporation (Petrobangla).

Under the sale and purchase agreement (SPA), Petrobangla will purchase 0.85 million tonnes per annum (mtpa) of LNG from Excelerate.

The deal has a 15-year term and is effective from January 2026.

Excelerate plans to initially deliver 0.85mtpa of LNG in 2026 and 2027. It will then supply 1mtpa from 2028 to 2040.

Excelerate president and CEO Steven Kobos said: “Bangladesh is one of the most dynamic LNG markets in the world, and Excelerate has been a key player since the country began importing LNG.

“Natural gas is important to Bangladesh’s economy, and we look forward to partnering with Petrobangla to help the country meet its rapidly growing energy needs. Long-term LNG offtake agreements like this SPA are an essential part of our integrated growth strategy.”

Excelerate developed its first LNG floating storage and regasification unit (FSRU) terminal in Bangladesh in 2018.

In a press statement, Excelerate said: “In the years since, the Company deployed a second FSRU terminal to the Bay of Bengal and has utilized its infrastructure position to win spot LNG cargos sales into Bangladesh.”

The two Excelerate's FSRUs have the capacity to deliver around 25% of the country’s natural gas supply.

Currently, Petrobangla imports LNG from foreign countries via the Maheshkhali LNG terminal in Cox's Bazar, Bangladesh.

The Maheshkhali terminal has up to 500 million standard cubic feet of gas per day of regasification capacity.

Earlier this year, Excelerate Energy acquired the FSRU Sequoia for $265m from Anemoesa Marine.

Could Machine learning (ML) adoption be a key growth catalyst in the O&G market?

ML can be used to analyze seismic data, well logs, and other geologic data to identify potential reservoirs. ML algorithms are also capable of analyzing production data and identifying patterns that can be used to improve well performance. This can lead to increased production rates and reduced downtime. Besides, this analysis can also be used to identify potential hazards, thereby preventing any untoward incidents and boosting operational safety.

Newsletters by sectors

close

Sign up to the newsletter: In Brief

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Thank you for subscribing

View all newsletters from across the GlobalData Media network.

close