Predator Oil & Gas submits bid to build and operate Morocco's FSRU
UK’s Predator Oil & Gas has submitted a bid for the construction and operation of a Floating Storage Regasification Unit (FSRU), for importing LNG in Morocco. The bid is a response to a call for tenders issued by the Department of Energy and Mines Fuel Department in Morocco dated 26 April 2021 and expires on 31 May 2021
The initial scope of the FSRU project is for an annual requirement of 1.1 BCM by 2025 rising to 1.7 BCM in 2030 and 3 BCM in 2040. By comparison Predator LNG Ireland Ltd has a scoping annual requirement of 2.6 BCM for its FSRU design concept for the Republic of Ireland ("ROI").
PGVMB is utilising its experience and know-how that it has acquired through the development of its FSRU concept for security and diversity of energy supply for the ROI together with management's involvement with infrastructure stakeholders and regulatory authorities developed over many years in the gas sector in the ROI.
The FSRU project is envisaged to be a much longer term project that does not compete with the Company's short- and medium-term plans to explore for, appraise and develop gas in its Guercif licence onshore northern Morocco. It is potentially a complementary addition to the Company's business development strategy for Morocco to increase both materiality and the potential for future gas exports to Europe once the domestic Moroccan gas market reaches capacity. Guercif is ideally located adjacent to the Maghreb gas pipeline to support multiple development scenarios both for the domestic and international gas markets.
Discussions and negotiations continue regarding the potential for three additional Collaboration Agreements with European companies specifically in relation to the FSRU concept both in the ROI and Morocco that potentially may lead to further announcements in the coming weeks should these discussions and negotiations successfully conclude on terms acceptable to the Company.
Paul Griffiths, the CEO of Predator Oil & Gas said, "The preparation of the MOU-1 drilling location is an important milestone paving the way for the drilling operations to start during June, subject to the timing of the completion of the current SDX Energy drilling programme in the Rharb Basin. However today's announcement also shows that we continue to develop new business relationships and opportunities to ensure that we maintain the ability to attract substantive industry partners capable of financing key parts of our business development strategy when required to do so."