Golar LNG Energy - PTTEP Agreement Termination
Golar LNG Energy Limited (Golar) and PTTEP Offshore Investment Company Limited (PTTEP) announce the joint termination of the Heads of Agreement and Joint Study Agreement governing their joint development of a floating liquefied natural gas (FLNG) project based on the gas fields in North West Australia owned by PTTEP. The two companies have also announced their termination of a Memorandum of Understanding covering their global cooperation to identify and develop FLNG projects. Golar appreciates the learning and experience gained during the period of this cooperation.
Golar will continue to actively pursue FLNG projects which fit with its financial objectives and best captures its technical capabilities. Golar will also continue to seek equity positions along the LNG value chain, including entitlement to LNG.
Golar's FLNG strategy will be expanded to include the development of low capital cost, rapid deployment floating facilities utilising the conversion of high quality existing LNG carriers, floating technologies for the liquefaction of pipeline quality gas or associated gas (requiring minimal processing) and seek other innovative LNG solutions.
This strategy complements Golar's industry leadership position in floating LNG regasification facilities development. Golar has chartered-out the world's first and second floating storage and regasification units based on the conversion of existing LNG carriers to Petrobras in Brazil. A third conversion is currently at an advanced stage and will be chartered to the Dubai Supply Authority. Other similar projects are currently under development, reflecting Golar's very positive view of growth opportunities in this sector.
In an era of intense competition in the LNG industry and the high cost and long lead time of land based LNG facilities, Golar believes highly cost efficient approaches based on floating LNG liquefaction, storage and offtake, shipping and regasification facilities of the types now being developed by the company will be key to substantial additional growth opportunities.
Golar LNG Energy Limited
January 29, 2010
Hamilton, Bermuda.
Questions should be directed to:
Golar Energy Management Ltd
Oscar Spieler: CEO - +65 6296 5518
Golar Management Ltd - +44 207 063 7900:
HUG#1378870
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