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Global Energy Ventures achieves milestone for approval of cargo system

The company is designing a proprietary ship to transport compressed natural gas (CNG).
CNG Optimum 200MMscf Ship
The 200MMscf CNG Optimum ship is undergoing regulatory testing

Global Energy Ventures Ltd (ASX:GEV) has made significant positive progress to close out three final tests required to obtain American Bureau of Shipping (ABS) full class design approval.

Testing is part of the company’s overall progress in designing a new ship to transport compressed natural gas (CNG), known as the CNG Optimum.

The final tests required for ABS approval are the long-term fatigue test, the notched burst test after fatigue, and the cooled burst test after fatigue.

The long-term fatigue test has now been successfully achieved, with the remaining two test scheduled for completion within the month.

READ: Global Energy Ventures banks $1 million R&D tax rebate for CNG Optimum Ship development work

GEV’s chairman and CEO Maurice Brand said: “Based on the completion of the tests in September, October, and November we have now proved the CNG Optimum design.

“GEV is now working with shipyards to obtain ship construction costs; delivery schedules and construction options.

“GEV will now commence together with Clarkson’s, GEV’s ship broker, on structured financing options.”

READ: Global Energy Ventures passes second critical test in approval process for unique CNG Optimum Ship

The proprietary CNG Optimum is a world-leading CNG ship design and the result of two decades in the development of marine CNG solutions.

The Optimum ship design maximises the amount of CNG that can be stored within the hull of a ship.

The Optimum containment system is constructed using close-packed, high strength pipes that run the entire length of the ship’s cargo hold.

The invention of a mechanism to clamp these gas storage pipes so tightly together that they become locked together as one, allows this design to meet all classification requirements.

Benefits over converting to liquefied natural gas

Marine CNG is the transportation by ship of natural gas stored under pressure.

For this purpose, natural gas is simply mechanically compressed, as it is in a pipeline.

Unlike liquefied natural gas (LNG), CNG does not require complex and expensive liquefaction facilities. 

CNG is simpler, less expensive and has a significantly smaller footprint.

The result is that CNG can provide an attractive marine transportation solution, which is easier and quicker to permit and implement for the transportation of smaller volumes of gas over shorter distances.

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