InfraStrata said that it has achieved almost 70% of the pre-established milestones of the Front End Engineering Design (FEED) work for its Islandmagee gas storage project in Northern Ireland.
FEED commenced in May 2018 and is scheduled to be delivered in accordance with the EU Grant provisions. The reports required by the EU are anticipated to be submitted within Q4 2018.
FEED remains on budget with no significant issues being uncovered. Milestone 11 has now been completed, following excellent endeavours by our FEED contractors Costain and DEEP to achieve this ahead of schedule.
The engineering design that has been completed is intended to position InfraStrata’s proposed Islandmagee facility as a globally competitive and technologically advanced, fast-cycle, pioneering gas storage facility.
Costain, DEEP, Atkins and WSP have all worked together seamlessly to ensure the best possible outcome for InfraStrata.
The Expression of Interest (“EOI”) period has now ended and its many responses are currently being evaluated prior to a bid pack being issued to the selected EPC (engineering, procurement, and construction) contractors in December of this year.
Work continues at pace to examine ways for potential enabling works to be undertaken between FEED completion and final investment decision (“FID”).
Advanced discussions continue between InfraStrata and potential project equity providers and offtake partners.
InfraStrata CEO John Wood said: “Completion of the Project’s Engineering Design is a major fundamental milestone for InfraStrata. We still have some milestones left to complete prior to completing FEED, however, with the information we have to date we do not foresee any issues and expect to complete FEED on time and on budget.”
Source: Company Press Release