Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company with operations in Trinidad, Morocco, and Ireland, announces its intention to proceed to apply for a liquefied natural gas ("LNG") import licence for Ireland following the execution of confidentiality agreements with a global supplier of LNG and an owner of LNG regasification vessels.
A new subsidiary company, Predator LNG Ireland Limited, is being formed to progress the contracting of a Floating Storage and Regasification Unit ("FSRU") for Ireland with a "send out" gas capacity suitable both for the "peak demand" gas market and for long term security and diversity of energy supply.
The FSRU solution will facilitate the import of LNG using gas feedstock from a transparent origin that is not dependent on fracking operations related to shale gas exploitation.
The offshore FSRU solution is being designed to utilise existing infrastructure, creating a very much reduced environmental footprint. Developing an LNG import and gas storage option is in line with the "European Commission's sustainable Energy Security Package" (published 16 February 2016), which includes a non-legislative European Union strategy for liquefied natural gas and gas storage aimed at improving the access of all Member States to LNG as an alternative gas source.
Paul Griffiths, Chief Executive of Predator, commented:
"We have leveraged our practical experience in creating the regulatory and environmental framework and designing the facilities and executing the sequestration of anthropogenic carbon dioxide in Trinidad to create this exciting new business development opportunity with two global players in the offshore LNG regasification sector. The strategy fits our core near term goal of becoming a carbon neutral energy company through creating increased CO2 sequestration capacity in Trinidad that is funded by maintaining an energy business with potential for future revenue growth."