DNV has recently advised Italy-based Snam on its acquisition of two Floating Storage & Regasification Units from Golar LNG and BW Gas Cyprus Limited. DNV performed the buyer’s technical and environmental Due Diligence for these important assets, the Golar Tundra and the BW Singapore, which will play a key role in Italy’s energy security and diversification. The two vessels can operate both as FSRUs and liquefied fossil gas (LNG) carriers, each with a storage capacity of 170,000 cubic meters of LNG and a nominal continuous regasification capacity of 5bn cubic meters per year. Their combined capacity should cover around 15% of Italy’s yearly gas needs. Although the EU should be able to pivot away from Russian oil and coal supply with relative ease, curbing its reliance on Russian gas deliveries requires investing in new infrastructure, as a large part of import capabilities currently rely on pipelines transporting gas by land. Though phasing out these imports will cause a drop in overall gas use by 9% in 2024, compared with DNV’s pre-war models, it will increase the share of imported LNG in the European gas mix, as it becomes an important component of Europe’s energy security strategy.
DNV has recently advised Italy-based Snam on its acquisition of two Floating Storage & Regasification Units from Golar LNG and BW Gas Cyprus Limited. DNV performed the buyer’s technical and environmental Due Diligence for these important assets, the Golar Tundra and the BW Singapore, which will play a key role in Italy’s energy security and diversification. The two vessels can operate both as FSRUs and liquefied fossil gas (LNG) carriers, each with a storage capacity of 170,000 cubic meters of LNG and a nominal continuous regasification capacity of 5bn cubic meters per year. Their combined capacity should cover around 15% of Italy’s yearly gas needs. Although the EU should be able to pivot away from Russian oil and coal supply with relative ease, curbing its reliance on Russian gas deliveries requires investing in new infrastructure, as a large part of import capabilities currently rely on pipelines transporting gas by land. Though phasing out these imports will cause a drop in overall gas use by 9% in 2024, compared with DNV’s pre-war models, it will increase the share of imported LNG in the European gas mix, as it becomes an important component of Europe’s energy security strategy.
