Singapore-based Atlantic, Gulf and Pacific (AG&P) LNG has finalised an agreement to fully acquire Venice Energy, an Australian energy infrastructure developer, and will proceed with the development of the Outer Harbor import terminal in South Australia.
AG&P LNG aims to have the LNG import terminal, situated in Port Adelaide, operational by the first quarter of 2027. The terminal is designed to have an import capacity of 2 million metric tonnes per annum and will be constructed by converting a 145,000 cubic metre LNG carrier into a floating storage and regasification unit. This FSRU is expected to achieve a peak send-out capacity of 400 million standard cubic feet of gas (MMscfg) per day.
The acquisition will be financed by Nebula Energy, an investment and development firm based in Florida, which holds a majority stake in AG&P LNG. According to AG&P Chairman Peter Gibson, Venice Energy’s Outer Harbor terminal project is advantageous due to its readiness and possession of all necessary permits, distinguishing it from other LNG import terminal proposals in the region.
Venice Energy has indicated that the project’s approval is anticipated to alleviate gas shortages in southeastern Australia starting in mid-2026. This comes in light of warnings from the country’s competition regulator about potential gas shortages on the east coast by 2027, a year earlier than previously expected. The energy market regulator has also noted an immediate gas shortage in the region, exacerbated by a cold snap that increased demand for heating and power while negatively impacting wind and solar energy production.
Despite being the world’s second-largest LNG exporter and producing more gas than its domestic needs, Australia primarily contracts its LNG supply for export. Additionally, power producer Origin Energy is reportedly in discussions to import LNG from the Outer Harbor terminal, aiming to be the sole user of the facility for at least a decade, as stated by Venice Energy in an earlier announcement.
For more information visit www.veniceenergy.com
