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  • Golar and Perenco agree the material commercial terms for the floating liquefied natural gas export project in Cameroon
    édité le 01/07/2015 - Plus de news de "Golar LNG" - Voir la fiche entreprise de "Golar LNG"


Golar and Perenco agree the material commercial terms for the floating liquefied natural gas export project in Cameroon
Golar LNG Limited ("Golar") is pleased to announce that, further to the announcement on 24 December 2014 regarding the signing of a Heads of Agreement with Societe Nationale de Hydrocarbures ("SNH") and Perenco Cameroon ("Perenco") for the development of a floating liquefied natural gas export project in Cameroon, agreement has now been reached with the support of the Boards of both Golar and Perenco on the material commercial terms and conditions for the project. The Tolling Agreement which defines the material commercial terms and conditions for the project is now subject to finalisation with SNH and government approval. Similarly, the Midstream Gas Convention setting out the regulatory and fiscal regime governing the FLNG operations in Cameroon is being progressed in parallel with the Tolling Agreement and is also now subject to finalisation with the government. It is anticipated that final approval by all parties (including the government in Cameroon) for the Tolling Agreement and the Midstream Gas Convention will take place late Q3, 2015.

Golar, Perenco and SNH have for the past two years been developing a floating liquefied natural gas export project located near shore off the coast of Cameroon situated in an area of benign sea states and utilizing Golar's floating liquefaction technology (GoFLNG). The project is based on the allocation of 500 Bcf of natural gas reserves from offshore Kribi fields, which will be exported to global markets via the GoFLNG facility Hilli, now under construction at the Keppel Shipyard in Singapore. Golar will provide the liquefaction facilities and services under a tolling agreement to SNH and Perenco as parties of the upstream joint venture. It is anticipated that the allocated reserves will be produced at a rate of 1.2 million tonnes of LNG per annum, representing approximately 50% of the vessel's nameplate production capacity, over an approximate eight year period. It is expected that production will commence in Q2, 2017.

The project in Cameroon is expected to deliver an EBITDA for Golar in the first full year of operation, based on the utilisation of 2 of the available 4 liquefaction trains, in the range of $170 million to $300 million, with a flexible tolling structure which correlates to Brent crude oil prices ranging from a floor of $60/bbl to a cap of $102/bbl. The marketing of LNG from the project remains the responsibility of Perenco and SNH.

Golar's CEO Gary Smith commented "Golar is delighted to have achieved this very significant milestone in what will be our first GoFLNG project. This project in Cameroon is breaking new ground both technically and commercially for the LNG industry and would not have been possible without the innovative approach adopted by the teams at Perenco, SNH and Golar. This commitment with Perenco represents a further step in the implementation of Golar's strategy to become the industry's leading integrated midstream LNG services provider, supporting resource owners, gas producers and gas consumers."

About Golar LNG

Golar LNG is one of the world's largest independent owners and operators of LNG carriers with over 40 years of experience. The company developed the world's first Floating Storage and Regasification Unit (FSRU) projects based on the conversion of existing LNG carriers that quickly and efficiently open new markets for LNG. Golar leads the industry with committed projects and is progressing plans to grow its business further upstream via Floating liquefaction (FLNG). The company's strategic objective is to become an integrated midstream player in the LNG industry.

About Perenco

Perenco is an independent oil & gas company with operations in 15 countries across the globe, ranging from Northern Europe to Africa and from South America to Southeast Asia. Perenco is involved in operations both onshore and offshore.

Perenco currently produces approximately 375,000 boepd, of which 210,000 boepd is net to the company. While Perenco's growth has been driven by acquisitions, the Group's strategy evolved rapidly towards increasing production and reserves, renewing licenses and securing additional acreage for new exploration and development opportunities.


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