El Paso Global LNG, a subsidiary of El Paso Corporation, announced today the development of EP Energy Bridge(TM), a new ship-based liquefied natural gas (LNG) regasification system. Using proven offshore buoy technology to moor the ship and proprietary technology to regasify LNG onboard the ship and discharge it through a subsea pipeline, EP Energy Bridge(TM) enables flexible, environmentally safe, and cost-effective delivery of natural gas directly to coastal regions eliminating the need of a conventional land-based terminal. This delivery system is expected to be operational and in service by 2005.
The EP Energy Bridge(TM) ships can regasify and deliver up to 400 million cubic feet of natural gas per day. An EP Energy Bridge(TM) ship connects to pipeline infrastructure through an offshore buoy and turret system that has been used worldwide, including approximately 10 years of service in the harsh weather environment of the North Sea.
El Paso developed the EP Energy Bridge(TM) design in close cooperation with leading shipbuilders, offshore technology and transportation companies. Daewoo Shipbuilding & Marine Engineering Company, a Korean shipbuilder, will construct the initial EP Energy Bridge(TM) vessels, which will be owned and operated by a consortium lead by Exmar. El Paso has entered into long-term agreements to charter three EP Energy Bridge(TM) ships from the consortium. Delivery of the first ship is expected in the fourth quarter of 2004 and it will be able to serve growing natural gas markets worldwide. Advanced Production and Loading AS is the designer and manufacturer of the buoy system that will be used in the EP Energy Bridge(TM) ships.
