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Taiwan's CPC to lift its first LNG cargo from Prelude FLNG in end-Oct

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Taiwan's CPC to lift its first LNG cargo from Prelude FLNG in end-Oct

Singapore — Taiwan's CPC Corp. said it will lift its first LNG cargo from the Shell-operated Prelude FLNG facility offshore Australia in end-October, according to a statement posted on the company's official website Wednesday.

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CPC's cargo will be under its 5% equity stake in the project, through its subsidiary Overseas Petroleum and Investment Corp., or OPIC. Shell is the majority stakeholder in Prelude with a 67.5% stake, Japanese explorer Inpex has a 17.5% stake and South Korea's Kogas has 10%.

Shell on Tuesday said it has shipped the maiden LNG cargo from the Prelude FLNG facility on the vessel Valencia Knutsen to customers in Asia.

Based on its share, CPC is estimated to get 180,000 mt/year of LNG, 20,000 mt/year of LPG and 65,000 mt/year of condensate from the Prelude project, which will effectively increase the company's oil and gas production by about 1%, the statement said.

The Prelude project started operations in December 2018, and delivered the first condensate cargo in March 2019. It has a production capacity of 3.6 million mt/year of LNG, 1.3 million mt/year of condensate and 0.4 million mt/year of LPG.

-- Analysis by Cindy Liang,

-- Edited by Shashwat Pradhan,