The first floating liquefied natural gas (FLNG) facility of Malaysian oil and gas company Petroliam Nasional Berhad (Petronas) has been named recently at its shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) based in Okpo, South Korea.

The PETRONAS Floating LNG1 (PFLNG1) was last reported to had reached 95% of the structure completion last December.

Once completed, the PFLNG1 will be moored at the Kanowit field, offshore Sarawak, and is designed to produce 1.2 mtpa of LNG.

The FLNG is due to come on stream in 2016.

The milestone comes following the company's decision to push the commissioning of its second floating liquefied natural gas (FLNG) project for a later date as the company works to cut costs in a relentless market.

The PFLNG2 project, to be located off the coast of Sabah in Malaysia, was originally scheduled for delivery in 2018. However, it has not been disclosed what will be the new date of delivery.