Study examines options for new Caspian offshore gas pipeline route to Europe

Offshore staff

RICHMOND-ON-THAMES, UK – Penspen is to undertake a feasibility study for the Azerbaijan-Georgia-Romania-Hungary Natural Gas Interconnector project (AGRI).

This follows an international tender conducted by AGRI LNG SRL.

Current shareholders are the national oil and gas companies from each of the four participating countries in the AGRI project, namely Romgaz (Romanian National Natural Gas Co.), SOCAR (State Oil Co. of the Republic of Azerbaijan), GOGC (Georgian Oil and Gas Corp.), and MVM (Hungarian Electricity Co. Plc).

The AGRI project, based on a linear east/west LNG chain, is intended to transport and market Azerbaijani and other Caspian region natural gas to Romania, Hungary, and other central European and European Union gas markets via Georgia and the Black Sea.

It would involve construction of new liquefaction and regasification terminals on the Black Sea coasts of Georgia and Romania, respectively.

Penspen’s scope includes:

• Gas market and gas supply analysis

• Development of conceptual engineering for pipelines and LNG terminals

• Economic and financial analysis

• Risk assessment and environmental aspects.

Work is expected to be completed by November.

AGRI LNG SRL believes the project will be an important component of the EU’s southern corridor scheme for Caspian gas to Europe.

9/26/2012

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