Golar LNG and Schlumberger Ink MOU

Golar LNG Ltd. announced Friday that it has signed a Memorandum of Understanding with Schlumberger Ltd. to co-operate on the global development of greenfield, brownfield and stranded gas reserves. 

Under the Memorandum, Golar and Schlumberger have agreed to jointly market gas monetization solutions to owners, investors and governments. Golar will contribute the Floating LNG (liquefied natural gas) assets and technology while Schlumberger, via its special project management division, will provide upstream development knowledge, resources and capital. The intention of this integrated offer is to gain access to a wide range of uneconomic gas reserves by delivering low-cost LNG production solutions.

This is a ground breaking agreement that will provide resource holders with a completely integrated package both reducing risk and securing financing for gas projects. The main aim of the venture is to accelerated the time it takes to bring proven gas reserves into production.

Both parties have initiated their activities and have already made solid progress expecting to announce the first project within the next two months.

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