There are ~240 discovered, but stranded, offshore gas resources within the range of ~0.5 to 5.0 trillion cubic feet (TCF) of estimated ultimate recovery (EUR) of which ~40 such fields, representing 65 TCF of EUR, resides within Australian jurisdiction. Operators are challenged to commercialise these gas resources due to several factors such as:
• lack of materiality within their oil and gas resource portfolio,
• remote location, and
• lack of a low-cost development concept.
For such resources, a predetermined low-cost, small scale (∼1.0 million tonnes per annum production capacity) floating liquefied natural gas vessel and subsea wells tie-back development concept can be deployed to achieve commercialisation. Furthermore, the following should be promoted for the adoption to commercialise such gas resources:
• target breakeven liquefied natural gas (LNG) price as a key metric to confirm fit of the resource and the development concept,
• innovative financing and commercial structures to be co-developed among key stakeholders to enable project development within the constraint of a target breakeven LNG price, and
• differentiated LNG offtake value proposition for securing LNG offtake contracts that underpin project bankability.