Singapore-based energy company AG&P LNG has announced its agreement to acquire Venice Energy, the developer of a liquefied natural gas (LNG) import terminal in Port Adelaide, South Australia.
The acquisition marks AG&P LNG’s entry into the Australian market and aims to address growing gas supply concerns in southeastern Australia.
The planned 2 MTPA (million tonnes per annum) Outer Harbor LNG Import Terminal will feature a converted 145,000 cubic meter LNG carrier transformed into a Floating Storage and Regasification Unit (FSRU).
The facility is expected to achieve a peak send-out capacity of 400 million standard cubic feet per day when it becomes operational in the first quarter of 2027.
The acquisition will be funded by Florida-headquartered Nebula Energy, the majority owner of AG&P LNG.
The project comes at a crucial time as South Australia and Victoria face rapidly declining domestic gas supplies.
“Venice Energy has got the Outer Harbor LNG import terminal project shovel-ready with all key permits in place, offering a key advantage over other LNG import terminal proposals in the region,” Peter Gibson, Chairman of AG&P LNG said.
Venice Energy’s Chairman, Kym Winter-Dewhirst, revealed that the company chose AG&P LNG after an eight-month search for a strategic partner, citing the company’s financial backing through Nebula Energy and its track record in LNG operations across Asia.
The terminal is positioned to be among the first to address southeastern Australia’s gas shortage.
Beyond improving energy security, the project is expected to create jobs and attract significant investment to South Australia while supporting the state’s renewable energy sector through enhanced grid stability.
The move represents AG&P LNG’s latest expansion in the Asia-Pacific region, where it already maintains LNG operations and terminal projects across the Philippines, Vietnam, Indonesia, and India.
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