Golar LNG, PTTEP to Jointly Develop Australian FLNG Project
Further to the Golar LNG announcement in August 2008 of the MOU signed between Golar and PTT Exploration and Production Public
Company Limited ("PTTEP") of Thailand covering the joint development of Floating LNG (FLNG) opportunities, Golar has signed an agreement with PTTEP to jointly enter into Front End Engineering and Design (FEED) studies for the proposed Australian FLNG project located in North West Australia.
Agreement in principle has also been reached on the commercial structuring of the Australian FLNG project which provides for Golar
to participate in the gas value chain on a 50:50 basis with PTTEP. It is intended that Golar will farm into the gas reserves held by PTTEP
resulting from its recent acquisition of Coogee Resources Limited.
Golar Management's CEO, Gary Smith commented, "In line with the intention signaled last year when signing our MOU with PTTEP, both
companies have moved quickly and decisively toward establishing a credible, attractive and aligned FLNG business. We are extremely
pleased to be working with PTTEP in the area of FLNG and see the very material progress made over the past year as building a solid
foundation for future growth. PTTEP has a clear strategy to expand its E&P business internationally and brings to the partnership strong
capabilities that are complementary to Golar's floating midstream capability."
Mr. Smith went on to say, "Progress made in the area of FLNG announced today, our growing portfolio of floating storage and regasification projects, the development of the Gladstone Fisherman's Landing LNG project and new opportunities establishes Golar as a clear innovator and leader in developing profitable midstream LNG solutions."
Golar recently announced that it intended to restructure the Company to form a subsidiary company that will be focused on project development, both FSRU projects and liquefaction projects. The development of this FLNG opportunity will clearly form an important part of this new Company. In due course the new Company will likely raise additional capital and will seek a separate listing. We see great opportunities for Golar to play an important part in developing the LNG market by providing new technology and flexible midstream solutions to meet the needs of our close customers. Such a development should be highly beneficial for Golar's shareholders.
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