Epik Hires WoodMac For Oz Gas Analysis

South Korean LNG developer Epik said on July 24 it had hired Edinburgh-based Wood Mackenzie to analyse the southeast Australian gas market.

Epik, which is looking to advance the Newcastle Gas Dock LNG import project in New South Wales (NSW), said the report by WoodMac would provide detailed insight into the competitiveness of LNG imports into the area, pricing trends and demand forecasting. Qualified parties interested in booking future capacity at Newcastle GasDock will be provided with a summary of the report and other project information in August.

Epik plans to build a 170,000 m³ floating storage and regasification unit (FSRU) capable of covering over 80% of gas demand in NSW – a project earmarked to cost $400-430mn. In April it recruited Australia’s Watpac to design, engineer and construct the onshore infrastructure. It also hopes to leverage its strategic pact with South Korea’s Hyundai LNG Shipping to help realise the venture.

Epik expects to place an order for the FSRU newbuild with a shipyard after regulatory clearance, probably early next year.