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Developments in the 'LNG to Power' Market and the Growing Importance of Floating Facilities

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Developments in the 'LNG to Power' Market and the Growing Importance of Floating Facilities July 2021 Developments in the ‘LNG to Power’ market and the growing importance of floating facilities OIES Paper: NG 172 Mike Wyllie, Managing Director, OpenWater Energy Ltd & Research Associate, OIES The contents of this paper are the author’s sole responsibility. They do not necessarily represent the views of the Oxford Institute for Energy Studies or any of its members. Copyright © 2021 Oxford Institute for Energy Studies (Registered Charity, No. 286084) This publication may be reproduced in part for educational or non-profit purposes without special permission from the copyright holder, provided acknowledgment of the source is made. No use of this publication may be made for resale or for any other commercial purpose whatsoever without prior permission in writing from the Oxford Institute for Energy Studies. ISBN 978-1-78467-181-5 i Contents Figures .................................................................................................................................................... ii Tables ..................................................................................................................................................... iii 1. Introduction and context ...................................................................................................................... 1 2. History of floating LNG to power ......................................................................................................... 1 3. Technical background ......................................................................................................................... 2 3.1 LNG storage .................................................................................................................................. 3 3.2 LNG regasification ......................................................................................................................... 4 3.3 Power generation .......................................................................................................................... 5 4. Options for system configurations ....................................................................................................... 6 4.1 Type 1 – onshore storage tank, vaporiser and power station ....................................................... 6 4.2 Type 2 – floating storage unit (FSU), onshore vaporiser and power station ................................ 6 4.3 Type 3 – floating storage and regasification unit (FSRU) and power station ............................... 7 4.4 Type 4 – FSRU and floating power plant (FPP) ........................................................................... 7 4.5 Type 5 – FSRP (floating storage, regasification and power generation) ...................................... 8 5. The developing ‘LNG to Power’ market .............................................................................................. 9 6. Technical analysis for reference case project ................................................................................... 12 6.1 Technology readiness level (TRL) .............................................................................................. 12 6.2 Safety and risk assessment ........................................................................................................ 13 6.3 Choice of regasification system .................................................................................................. 14 6.4 Choice of power generation system ............................................................................................ 14 6.5 Reliability and availability ............................................................................................................ 15 6.6 Load profile and fuel efficiency ................................................................................................... 15 6.7 Ambient air temperature.............................................................................................................. 16 6.8 Heat integration ........................................................................................................................... 17 6.9 Environmental emissions ............................................................................................................ 18 6.10 Regulatory (Permits) ................................................................................................................. 20 6.11 Technical summary ................................................................................................................... 20 7. Commercial analysis for reference case project ............................................................................... 21 7.1 Capital cost ................................................................................................................................. 21 7.2 Operating cost ............................................................................................................................. 21 7.3 Project schedule .......................................................................................................................... 22 7.4 LCOE........................................................................................................................................... 22 8. Conclusions ....................................................................................................................................... 23 Glossary ................................................................................................................................................ 26 Figures Figure 1: LNG to Power options .............................................................................................................. 3 Figure 2: LNG to power configurations ................................................................................................... 6 Figure 3: FSRP schematic ...................................................................................................................... 9 Figure 4: Impact of power load on average generator loading ............................................................. 16 Figure 5: Impact of ambient air temperature on power output .............................................................. 17 Figure 6: FSRP glycol IFV heat integration schematic ......................................................................... 18 Figure 7: LCOE comparison between FSRP and FSRU+FPP solutions .............................................. 22 ii Tables Table 1: Types of LNG to Power systems .............................................................................................. 9 Table 2: Comparison of Type 4 and Type 5 Systems ........................................................................... 12 Table 3: Technology Readiness Level comparison .............................................................................. 13 Table 4: Comparison of CO2 emissions ................................................................................................ 19 Table 5: Comparison of heat loads ....................................................................................................... 19 Table 6: Reciprocating gas engines – pros and cons ........................................................................... 20 Table 7: Gas turbines – pros and cons ................................................................................................. 21 Table 8: FSRU + FPP – pros and cons................................................................................................. 24 Table 9: FSRP – pros and cons ............................................................................................................ 24 iii 1. Introduction and context Land-based LNG import terminals were introduced in the 1960s to import LNG from the first liquefaction plants in Algeria and the USA and dispatch gas into national distribution grids. Since then, some 150 LNG import terminals have been built around the world.1 In the last 20 years there has been a growth in the number of floating offshore facilities; mainly for oil and gas production as well as LNG storage and regasification, and now also for LNG liquefaction. Floating facilities for importing LNG have become popular since they can generally be deployed more quickly and at a lower cost than onshore facilities. In the power generation business, the same trend has become visible in the last 10 years, with several floating power plants being deployed, mainly in emerging markets, which use gas fuel to reduce emissions. The subject of this paper is the overlap between these two worlds, where floating facilities are used to provide new ‘LNG to Power’ capacity. This is relevant in today’s highly competitive market, where floating solutions that offer cost and schedule advantages over traditional land-based facilities are of growing interest. The paper builds on the 2019 OIES paper ‘Floating LNG Update’2 and discusses the latest technology developments (including floating power plants - FPPs), compares options, and identifies the benefits and drawbacks, both technical and commercial, of the leading available solutions. Acronyms used in this report are defined in the Glossary. 2. History of floating LNG to power FPPs can be either ship-shaped vessels or flat barges, and over 70 such vessels have been built, with most operating on liquid fuel. One of the earliest FPP vessels was the SS Jacona, which was built in 1931 to restore power to communities
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