The Australian energy group Viva Energy is seeking expressions of interest (EoI) for a Floating Storage and Regasification Unit (FSRU) for its proposed LNG import terminal near its oil refinery in Geelong, in the state of Victoria (Australia). The group aims to secure an existing FSRU or retrofit an LNG carrier into an FSRU for the terminal project, with a storage capacity of 160,000 to 180,000 m³ of gas and a regasification capacity of up to 750 mcf/d (7.7 bcm/year or 5.7 Mt/year).
The Victorian State Government is expected to approve the environmental impact assessment in April 2025, paving the way for a Final Investment Decision (FID) by the end of 2025. If approved, the regasification terminal could start operations in 2028, tackling the gas shortfall forecast for Australia’s south-east coast.
In recent years, concerns have been raised regarding a potential supply deficit for the domestic market. The Australian Domestic Gas Security Mechanism came into effect in 2017. It allows LNG exports to be limited when domestic gas supply shortages are forecast. In 2023, the government decided to move from an annual to a quarterly implementation.