Golar LNG Limited (Golar) reported Thursday that the firm and Rosneft Oil Company (Rosneft) have entered into a Memorandum of Understanding (MoU) that foresees cooperation between the companies in the area of floating liquefaction (FLNG) and transportation of natural gas.
Under this MoU the companies will enter into discussions to develop opportunities for the use of Golar's GoFLNG facilities in Latin America and potentially other locations. The parties are targeting signing of two FLNG tolling agreements for projects within Rosneft's portfolio.
This memorandum between Golar and Rosneft represents an opportunity for both companies to clearly align their objectives, combining Golar's leading midstream LNG credentials (liquefaction, transportation and regasification) and Rosneft's world class upstream portfolio.
Rosneft is the third largest gas producer in Russia. Rosneft gas production reached 1.486 trillion cubic feet (Tcf) or 42.1 billion cubic meters (Bcm) in 2013, while the recoverable natural gas reserves topped 229.519 Tcf or 6.5 trillion cubic meters. The company target is to reach 3.531 Tcf (100 Bcm) of annual gas production by 2020.
Golar is one of the world's largest independent owners and operators of LNG carriers with over 40 years of industry experience. Golar's innovation delivered the world's first Floating Storage and Regasification Units (FSRU) based on the conversion of existing LNG carriers. Golar's latest strategic move is to extend its business model further upstream by deploying its floating liquefaction technology (GoFLNG). The objective is to become the industry's leading integrated midstream LNG services provider, supporting resource owners, gas producers and gas consumers.
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