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An Exporter’s Perspective 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 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. Kathleen Eisbrenner CEO, Pangea LNG B.V. May 2013

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Page 1: An Exporter’s Perspective...2013/05/08  · with few vessel traffic conflicts • A major petroleum port; the 6th busiest US port in terms of 14 Panama Canal Corpus Christi tonnage

An Exporter’s Perspective

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 partnershipsestablished 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); MayerBrown, 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 Brownlogo are the trademarks of the Mayer Brown Practices in their respective jurisdictions.

Kathleen EisbrennerCEO, Pangea LNG B.V.

May 2013

Page 2: An Exporter’s Perspective...2013/05/08  · with few vessel traffic conflicts • A major petroleum port; the 6th busiest US port in terms of 14 Panama Canal Corpus Christi tonnage

8th Annual Global Energy ConferenceThe World Turned Upside Down

Who is Pangea LNG?

A developer of on-shore, off-shore and hybrid LNG liquefaction projects

• Pangea brings together a team that was responsible for generating the innovations thatare at the foundation of the floating LNG (FLNG) sector

Shareholders

• DSME, South Korea (Daewoo Shipbuilding and Marine Engineering)

•

2

• D&H Solutions AS – Norwegian company developing stranded natural gas reservesworldwide

• 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

Page 3: An Exporter’s Perspective...2013/05/08  · with few vessel traffic conflicts • A major petroleum port; the 6th busiest US port in terms of 14 Panama Canal Corpus Christi tonnage

8th Annual Global Energy ConferenceThe World Turned Upside Down

BelgiumFranceGreeceItalyJapanPuerto RicoSouth KoreaSpainTaiwan

A Precedent…The Past Decade

TaiwanTurkeyUnited States

3

2000 – Only 11 Countries Imported LNG(No Floating Regas)

2005 – First Floating Regasification Site(Gulf of Mexico)

Page 4: An Exporter’s Perspective...2013/05/08  · with few vessel traffic conflicts • A major petroleum port; the 6th busiest US port in terms of 14 Panama Canal Corpus Christi tonnage

History of Floating Regasification

CURRENT SITESArgentina (2)Brazil (2)UAE (Dubai)IsraelIndonesia (2)KuwaitUnited KingdomUnited States (2)

POSSIBLE SITESBangladeshBahrainBrazil (#3)Chile (2)ChinaDominican Republic

4

Current Sites

Possible Sites

Dominican RepublicEgyptGhanaIndiaIndonesia (#3)ItalyJamaicaJordanKuwait (#2)LebanonLithuaniaMalaysiaPakistanPuerto RicoSouth AfricaSri LankaUkraineUAE (Abu Dhabi)UruguayVietnam

2000 - 11 LNG Importing Countries (No Floating Regas)

2005 - First Floating Regasification Site (Gulf of Mexico)

2010 - 22 LNG Importing Countries2013 - 12 Floating Regasification Sites2015 - 40 or So Floating Regasification Sites

(Projected)

Page 5: An Exporter’s Perspective...2013/05/08  · with few vessel traffic conflicts • A major petroleum port; the 6th busiest US port in terms of 14 Panama Canal Corpus Christi tonnage

8th Annual Global Energy ConferenceThe World Turned Upside Down

Floating Regasification Solutions

5

Near Shore

Offshore

Page 6: An Exporter’s Perspective...2013/05/08  · with few vessel traffic conflicts • A major petroleum port; the 6th busiest US port in terms of 14 Panama Canal Corpus Christi tonnage

8th Annual Global Energy ConferenceThe World Turned Upside Down

Relevance of New Markets

and Floating Regasification Technology

New market alternatives are liquid fuels, priced at oil,fuel oil and diesel indices; Delivered LNG is pricecompetitive

Floating regasification has demonstrated how quicklyinnovative technologies can be adopted and accepted by

6

innovative technologies can be adopted and accepted bythe LNG industry

Floating regasification has demonstrated reduced costsfor floating solutions ~ $400 million vs. $1.2 billion forland-based equivalent

Optionality

Page 7: An Exporter’s Perspective...2013/05/08  · with few vessel traffic conflicts • A major petroleum port; the 6th busiest US port in terms of 14 Panama Canal Corpus Christi tonnage

8th Annual Global Energy ConferenceThe World Turned Upside Down

Future LNG FIDs:Time for a New Model?

$B

ILL

ION

40

50

60

$2,500 to $4,000/ton Liquefaction

Upstream

7

$B

ILL

ION

0

10

20

30

$2,500 to $4,000/ton

$750 to $1,500/ton

Land Based Large Scale Offshore Mid-Scale Offshore/Nearshore

Page 8: An Exporter’s Perspective...2013/05/08  · with few vessel traffic conflicts • A major petroleum port; the 6th busiest US port in terms of 14 Panama Canal Corpus Christi tonnage

8th Annual Global Energy ConferenceThe World Turned Upside Down

Vessel-Mounted LiquefactionWill Follow Regasification Growth Trend

Existing and Planned Floating LNG Projects

Floating

Regasification

Projects

8

Floating

Liquefaction

Projects

Page 9: An Exporter’s Perspective...2013/05/08  · with few vessel traffic conflicts • A major petroleum port; the 6th busiest US port in terms of 14 Panama Canal Corpus Christi tonnage

8th Annual Global Energy ConferenceThe World Turned Upside Down

Potential for Offshore Floating Liquefaction

9

Page 10: An Exporter’s Perspective...2013/05/08  · with few vessel traffic conflicts • A major petroleum port; the 6th busiest US port in terms of 14 Panama Canal Corpus Christi tonnage

8th Annual Global Energy ConferenceThe World Turned Upside Down

Potential for Near Shore FLNG

10

Page 11: An Exporter’s Perspective...2013/05/08  · with few vessel traffic conflicts • A major petroleum port; the 6th busiest US port in terms of 14 Panama Canal Corpus Christi tonnage

8th Annual Global Energy ConferenceThe World Turned Upside Down

Floating Liquefaction Projects –Announced

UNDERCONSTRUCTIONOR UNDERDEVELOPMENT

United States (8)ColumbiaBrazilIsraelMalaysia (2)IndonesiaTimor Sea (3)

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Timor Sea (3)AustraliaPapua New Guinea

20133 Ships Under Construction

16 Additional Under Development

Page 12: An Exporter’s Perspective...2013/05/08  · with few vessel traffic conflicts • A major petroleum port; the 6th busiest US port in terms of 14 Panama Canal Corpus Christi tonnage

8th Annual Global Energy ConferenceThe World Turned Upside Down

Floating Liquefaction Projects –

Future Positions

EasternMediterranean

US OtherLocations

Eastern Canada

Mozambique

12

Mozambique

West Africa

2015Potential of at Least 5

Additional Projects

Page 13: An Exporter’s Perspective...2013/05/08  · with few vessel traffic conflicts • A major petroleum port; the 6th busiest US port in terms of 14 Panama Canal Corpus Christi tonnage

8th Annual Global Energy ConferenceThe World Turned Upside Down

Pangea LNG Opportunities for Early Supply –Levant Basin

Regional reserves likely to

exceed 35 Tcf

Pipeline difficulties and limited

domestic market challenge

additional natural gas deliveriesadditional natural gas deliveries

to shore

Multiple FLNG vessels provide

cost effective solution for

Eastern Med

BWO – Owner’s Engineer,

preferred Operator and Owner

13

Page 14: An Exporter’s Perspective...2013/05/08  · with few vessel traffic conflicts • A major petroleum port; the 6th busiest US port in terms of 14 Panama Canal Corpus Christi tonnage

8th Annual Global Energy ConferenceThe World Turned Upside Down

United States Port of Corpus Christi

New York

Houston

Los Angeles

• 85 years history as an industrialport dealing almost exclusivelyin bulk cargos

• 45 feet deep federal channelswith few vessel traffic conflicts

• A major petroleum port; the 6th

busiest US port in terms of

14

PanamaCanal

PanamaCanal

Corpus Christi

Houstonbusiest US port in terms oftonnage

• Home to 3 major refineries,large petrochemical complexes,metals processors and offshoreenergy industry fabricators

• The primary outlet for EagleFord shale oil production

Page 15: An Exporter’s Perspective...2013/05/08  · with few vessel traffic conflicts • A major petroleum port; the 6th busiest US port in terms of 14 Panama Canal Corpus Christi tonnage

8th Annual Global Energy ConferenceThe World Turned Upside Down

Pangea LNG Opportunities for Early Supply –Exports from the United States

15

Source: EIA AEO 2013 Reference Case

MarginPotential

Page 16: An Exporter’s Perspective...2013/05/08  · with few vessel traffic conflicts • A major petroleum port; the 6th busiest US port in terms of 14 Panama Canal Corpus Christi tonnage

Thank You

16


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