SOURCE:
Golar LNG
2008-08-14 05:32:00
LONDON–(EMWNews – August 14, 2008) –
Golar LNG (“Golar”) is pleased to announce that it has today signed
an agreement with PTTEP of Thailand for the purpose of jointly
developing Floating LNG production (FLNG) opportunities. Both
companies have identified the FLNG business opportunity that now
exists and believe their complementary capabilities provide a strong
platform for commercial growth.
The agreement signed provides for the joint pursuit of projects on a
worldwide basis with both companies sharing in the risks and rewards
of developing FLNG opportunities. The joint approach is not tied to
any particular technology or gas reservoir but rather recognizes that
a range of technologies and gas reservoirs exists and believes that a
flexible “field first approach” is for both companies the most
appropriate strategic and commercial approach to FLNG.
It is the intention of both companies to move quickly and decisively
with the objective of developing a portfolio of FLNG opportunities
over time.
Golar’s CEO, Gary Smith commented “we are extremely pleased to be
working in partnership with PTTEP in the pursuit of FLNG
opportunities. PTTEP has a clear strategy to expand its E&P business
and it brings to the partnership strong capabilities that are
complementary to Golar’s floating mid stream capability.”
PTTEP is a national petroleum exploration and production company
dedicated to providing a sustainable petroleum supply to Thailand and
in the countries it operates. A top-ten publicly-listed company in
the Stock Exchange of Thailand, PTTEP operates more than 30 projects
around the world and has a workforce of over 2,000. PTTEP commits to
developing natural resources while preserving the environment,
promoting education and assimilating to the countries’ society where
it operates.
Golar LNG is a leading independent owner and operator of LNG ships,
providing both traditional LNG transportation services and more
recently floating storage and regasification unit (FSRU) solutions.
Golar’s demonstrated ability to deliver FSRU’s against a wide range
of functional requirements has provided a strong basis on which to
build a FLNG business. The move into FLNG is consistent with the
companies stated strategy of developing a comprehensive mid stream
business and should over time further strengthen the company and
provide significant upside to shareholders.
August 14, 2008 The Board of Directors Golar LNG Limited Hamiltion, Bermuda Questions should be directed to: Golar Management (UK) Ltd. - +44 207 517 8600 Gary Smith - CEO Graham Ronjohns - CFO
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