Golar and Perenco agree the material commercial terms for the floating liquefied natural gas export project in Cameroon
(Thomson Reuters ONE) -
Hamilton, Bermuda: Golar LNG Limited ("Golar") is pleased to announce that,
further to the announcement on 24 December 2014 regarding the signing of a Heads
of Agreement with Societe Nationale de Hydrocarbures ("SNH") and Perenco
Cameroon ("Perenco") for the development of a floating liquefied natural gas
export project in Cameroon, agreement has now been reached with the support of
the Boards of both Golar and Perenco on the material commercial terms and
conditions for the project. The Tolling Agreement which defines the material
commercial terms and conditions for the project is now subject to finalisation
with SNH and government approval. Similarly, the Midstream Gas Convention
setting out the regulatory and fiscal regime governing the FLNG operations in
Cameroon is being progressed in parallel with the Tolling Agreement and is also
now subject to finalisation with the government. It is anticipated that final
approval by all parties (including the government in Cameroon) for the Tolling
Agreement and the Midstream Gas Convention will take place late Q3, 2015.
Golar, Perenco and SNH have for the past two years been developing a floating
liquefied natural gas export project located near shore off the coast of
Cameroon situated in an area of benign sea states and utilizing Golar's floating
liquefaction technology (GoFLNG). The project is based on the allocation of 500
Bcf of natural gas reserves from offshore Kribi fields, which will be exported
to global markets via the GoFLNG facility Hilli, now under construction at the
Keppel Shipyard in Singapore. Golar will provide the liquefaction facilities and
services under a tolling agreement to SNH and Perenco as parties of the upstream
joint venture. It is anticipated that the allocated reserves will be produced
at a rate of 1.2 million tonnes of LNG per annum, representing approximately
50% of the vessel's nameplate production capacity, over an approximate eight
year period. It is expected that production will commence in Q2, 2017.
The project in Cameroon is expected to deliver an EBITDA for Golar in the first
full year of operation, based on the utilisation of 2 of the available 4
liquefaction trains, in the range of $170 million to $300 million, with a
flexible tolling structure which correlates to Brent crude oil prices ranging
from a floor of $60/bbl to a cap of $102/bbl. The marketing of LNG from the
project remains the responsibility of Perenco and SNH.
Golar's CEO Gary Smith commented "Golar is delighted to have achieved this very
significant milestone in what will be our first GoFLNG project. This project in
Cameroon is breaking new ground both technically and commercially for the LNG
industry and would not have been possible without the innovative approach
adopted by the teams at Perenco, SNH and Golar. This commitment with Perenco
represents a further step in the implementation of Golar's strategy to become
the industry's leading integrated midstream LNG services provider, supporting
resource owners, gas producers and gas consumers."
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements (as defined in Section
21E of the Securities Exchange Act of 1934, as amended) which reflects
management's current expectations, estimates and projections about its
operations. All statements, other than statements of historical facts, that
address activities and events that will, should, could or may occur in the
future are forward-looking statements. Words such as "may," "could," "should,"
"would," "expect," "plan," "anticipate," "intend," "forecast," "believe,"
"estimate," "predict," "propose," "potential," "continue," or the negative of
these terms and similar expressions are intended to identify such forward-
looking statements. These statements are not guarantees of future performance
and are subject to certain risks, uncertainties and other factors, some of which
are beyond our control and are difficult to predict. Therefore, actual outcomes
and results may differ materially from what is expressed or forecasted in such
forward-looking statements. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this press
release. Unless legally required, Golar undertakes no obligation to update
publicly any forward-looking statements whether as a result of new information,
future events or otherwise.
Among the important factors that could cause actual results to differ materially
from those in the forward-looking statements are: changes in LNG, FSRU and
FLNGV market trends, including charter rates, ship values and technological
advancements; changes in the supply and demand for LNG; changes in trading
patterns that affect the opportunities for the profitable operation of LNG
carriers, FSRUs; and FLNGVs; changes in Golar's ability to retrofit vessels as
FSRUs and FLNGVs, Golar's ability to obtain financing for such retrofitting on
acceptable terms or at all and the timing of the delivery and acceptance of such
retrofitted vessels; increases in costs; changes in the availability of vessels
to purchase, the time it takes to construct new vessels, or the vessels' useful
lives; changes in the ability of Golar to obtain additional financing; changes
in Golar's relationships with major chartering parties; changes in Golar's
ability to sell vessels to Golar LNG Partners LP; Golar's ability to integrate
and realize the benefits of acquisitions; changes in rules and regulations
applicable to LNG carriers, FSRUs and FLNGVs; changes in domestic and
international political conditions, particularly where Golar operates; as well
as other factors discussed in Golar's most recent Form 20-F filed with the
Securities and Exchange Commission. Unpredictable or unknown factors also could
have material adverse effects on forward-looking statements.
Hamilton, Bermuda
June 30, 2015
Enquiries:
Golar Management Limited: + 44 207 063 7900
Brian Tienzo
Stuart Buchanan
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Golar LNG via GlobeNewswire
[HUG#1933144]
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Datum: 30.06.2015 - 23:01 Uhr
Sprache: Deutsch
News-ID 404120
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Kategorie:
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