GOLAR LNG AND PTTEP ANNOUNCE AGREEMENT TO JOINTLY PURSUE FLNG OPPORTUNITIES

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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