The World's 4th FLNG 'Coral Sul' Sets Sail... Korean Shipbuilding Dominates Global FLNG Market

'K-Joseon', Achieves Construction of All Four Large-Scale FLNG Units Worldwide... Coral Sul Begins Full-Scale LNG Production Since 2022

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Kwon Haeyoung] The 'Coral Sul,' the world's fourth ultra-large offshore liquefied natural gas (FLNG) plant, has departed from Geoje, Gyeongnam to Mozambique. With this, Korea has achieved the remarkable feat of constructing all four large FLNG units worldwide, including Coral Sul, based on overwhelming competitiveness in the global FLNG market.

According to the Ministry of Trade, Industry and Energy on the 16th, the Coral Sul that departed on this day is expected to arrive at the Coral gas field in Mozambique in early January 2022.

FLNG is an offshore plant that directly refines, liquefies, stores, and unloads natural gas extracted at sea on the vessel itself. Unlike onshore plants, it does not require liquefaction and storage facilities or offshore pipelines, making it superior in terms of environmental protection and offering the advantage of mobility.

Starting with 'Prelude,' the world's largest FLNG first ordered by Korea, and 'PFLNG Satu,' the world's first FLNG constructed, three FLNG vessels are currently leading LNG production offshore Australia and Malaysia. The Coral Sul, which departed this time, is Mozambique's first FLNG and will move to the Coral gas field within Mozambique's Area 4 block to begin full-scale LNG production from next year. The offshore block 4 gas field in Mozambique, in which Korea Gas Corporation holds a 10% stake from exploration, is the world's largest natural gas field with reserves (original gas in place 85 TCF) sufficient to supply about 30 years based on Korea's domestic LNG consumption in 2020.

An official from the Ministry of Trade, Industry and Energy stated, "With additional LNG production increase through gas field development, orders for LNG carriers to transport the gas are expected, which will greatly benefit domestic shipbuilders currently leading the global LNG carrier market. Furthermore, if orders for onshore and offshore plants and offshore patrol vessels necessary for gas field development are placed, it is expected that competitive domestic companies will have opportunities for additional business participation."

Additionally, Korea has previously secured orders for 17 LNG carriers (worth $3.159 billion) that will participate in the Area 1 project within the Rovuma Basin in Mozambique in 2020. This is the largest order in the history of domestic shipbuilders based on compensated gross tonnage (CGT) at 1.49 million CGT, and the largest in terms of order value in the past seven years since 2015 (approximately $3.2 billion).

An official from the Ministry said, "As local conditions in Mozambique stabilize further, it is expected that the Area 1 gas field development project will proceed normally and full-scale construction will commence."

This content was produced with the assistance of AI translation services.