An Exporter’s Perspective Kathleen Eisbrenner CEO, Pangea LNG B.V. Mayer Brown is a global legal services provider comprising legal practices that are separate entities (the "Mayer Brown Practices"). The Mayer Brown Practices are: Mayer Brown LLP and Mayer Brown Europe – Brussels LLP both limited liability partnerships May 2013 established in Illinois USA; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales number OC 303359); Mayer Brown, a SELAS established in France; Mayer Brown JSM, a Hong Kong partnership and its associated entities in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. "Mayer Brown" and the Mayer Brown logo are the trademarks of the Mayer Brown Practices in their respective jurisdictions.
Who is Pangea LNG? 8 th Annual Global Energy Conference The World Turned Upside Down A developer of on-shore, off-shore and hybrid LNG liquefaction projects • Pangea brings together a team that was responsible for generating the innovations that are at the foundation of the floating LNG (FLNG) sector Shareholders • DSME, South Korea (Daewoo Shipbuilding and Marine Engineering) • • D&H Solutions AS – Norwegian company developing stranded natural gas reserves worldwide • NextDecade International – An energy project development and management company; includes a team with decades of experience in LNG Active projects • Eastern Mediterranean – Tamar Field, Off-shore FLNG • North America – South Texas, San Patricio County • East Africa – Off-shore Floating LNG 2
A Precedent…The Past Decade 8 th Annual Global Energy Conference The World Turned Upside Down Belgium France Greece Italy Japan Puerto Rico South Korea Spain Taiwan Taiwan Turkey United States 2000 – Only 11 Countries Imported LNG (No Floating Regas) 2005 – First Floating Regasification Site (Gulf of Mexico) 3
History of Floating Regasification CURRENT SITES Argentina (2) Brazil (2) UAE (Dubai) Israel Indonesia (2) Kuwait United Kingdom United States (2) POSSIBLE SITES Bangladesh Bahrain Brazil (#3) Chile (2) China Dominican Republic Dominican Republic Egypt Ghana India Indonesia (#3) Italy Jamaica Jordan Kuwait (#2) Lebanon Lithuania Malaysia 2000 - 11 LNG Importing Countries (No Floating Regas) Current Sites Pakistan 2005 - First Floating Regasification Site (Gulf of Mexico) Puerto Rico Possible Sites South Africa 2010 - 22 LNG Importing Countries Sri Lanka 2013 - 12 Floating Regasification Sites Ukraine UAE (Abu Dhabi) 2015 - 40 or So Floating Regasification Sites Uruguay (Projected) Vietnam 4
Floating Regasification Solutions 8 th Annual Global Energy Conference The World Turned Upside Down Near Shore Offshore 5
Relevance of New Markets and Floating Regasification Technology 8 th Annual Global Energy Conference The World Turned Upside Down New market alternatives are liquid fuels, priced at oil, fuel oil and diesel indices; Delivered LNG is price competitive Floating regasification has demonstrated how quickly innovative technologies can be adopted and accepted by innovative technologies can be adopted and accepted by the LNG industry Floating regasification has demonstrated reduced costs for floating solutions ~ $400 million vs. $1.2 billion for land-based equivalent Optionality 6
Future LNG FIDs: Time for a New Model? 8 th Annual Global Energy Conference The World Turned Upside Down 60 $2,500 to $4,000/ton Liquefaction 50 Upstream 40 ON $ BILLION 30 20 $2,500 to $4,000/ton 10 $750 to $1,500/ton 0 Land Based Large Scale Offshore Mid-Scale Offshore/Nearshore 7
Vessel-Mounted Liquefaction Will Follow Regasification Growth Trend 8 th Annual Global Energy Conference Existing and Planned Floating LNG Projects The World Turned Upside Down Floating Regasification Projects Floating Liquefaction Projects 8
Potential for Offshore Floating Liquefaction 8 th Annual Global Energy Conference The World Turned Upside Down 9
Potential for Near Shore FLNG 8 th Annual Global Energy Conference The World Turned Upside Down 10
Floating Liquefaction Projects – Announced 8 th Annual Global Energy Conference The World Turned Upside Down UNDER CONSTRUCTION OR UNDER DEVELOPMENT United States (8) Columbia Brazil Israel Malaysia (2) Indonesia Timor Sea (3) Timor Sea (3) Australia Papua New Guinea 2013 3 Ships Under Construction 16 Additional Under Development 11
Floating Liquefaction Projects – Future Positions 8 th Annual Global Energy Conference The World Turned Upside Down Eastern Mediterranean US Other Locations Eastern Canada Mozambique Mozambique West Africa 2015 Potential of at Least 5 Additional Projects 12
Pangea LNG Opportunities for Early Supply – Levant Basin 8 th Annual Global Energy Conference The World Turned Upside Down Regional reserves likely to exceed 35 Tcf Pipeline difficulties and limited domestic market challenge additional natural gas deliveries additional natural gas deliveries to shore Multiple FLNG vessels provide cost effective solution for Eastern Med BWO – Owner’s Engineer, preferred Operator and Owner 13
United States Port of Corpus Christi 8 th Annual Global Energy Conference The World Turned Upside Down • 85 years history as an industrial port dealing almost exclusively in bulk cargos New York • 45 feet deep federal channels Los Angeles with few vessel traffic conflicts • A major petroleum port; the 6 th busiest US port in terms of busiest US port in terms of Houston Houston tonnage Corpus Christi • Home to 3 major refineries, large petrochemical complexes, metals processors and offshore energy industry fabricators • The primary outlet for Eagle Ford shale oil production Panama Panama Canal Canal 14
Pangea LNG Opportunities for Early Supply – Exports from the United States 8 th Annual Global Energy Conference The World Turned Upside Down Margin Potential Source: EIA AEO 2013 Reference Case 15
Thank You 16
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