By the OGJ Online Staff
HOUSTON, May 25 -- Atlantic Methanol Production Co. LLC (AMPCO) has launched its first methanol shipment from Bioko Island off Equatorial Guinea, Noble Affiliates Inc., CMS Energy Corp., and the Equatorial Guinea government said.
The plant converts gas into methanol for export. The ship Noble Spirit is slated to deliver its 41,000-tonne cargo to the European market in the second week of June.
This was the first shipment from the plant, which is expected to average five shipments/quarter. Current methanol prices average $240/tonnne., and at that level, the plant is capable of generating revenues of $200 million/year.
Since production began Apr. 24 the plant has produced above the 2,500-tonne/day rated capacity.
At full capacity, the AMPCO plant is expected to convert more than 100 MMcfd of gas from the Alba block, north of Bioko Island, into 2,500 tonnes/day of methanol.
CMS Energy and Noble each own 45% of AMPCO, and the government of Equatorial Guinea holds 10%.
CMS Oil & Gas Co. operates and holds 52.4% of Alba block, which contains proven reserves of 2 tcf of gas and 150 million bbl of condensate and LPG. Noble holds 34%.
