Golar LNG Limited and Schlumberger have announced the creation of OneLNG\u2120, a joint venture to rapidly develop low cost gas reserves to LNG by combining Schlumberger\u2019s reservoir knowledge, wellbore technologies and production management capabilities, with Golar\u2019s low cost FLNG (Floating LNG) solution, to offer gas resource owners a faster and lower cost development thereby increasing the net present value of the resources.<\/p>\n
Golar and Schlumberger have 51\/49 ownership of the joint venture with both companies having agreed an initial investment commitment to cover the estimated equity needed to develop the first project. In addition, the parties will on a project-by-project basis discuss additional debt capital as required.<\/p>\n
This future financing will take into account Golar\u2019s FLNG intellectual property through an equitable contribution mechanism to be agreed between the parties.<\/p>\n
\u201cOur new venture with Schlumberger provides a powerful union of their oilfield services technology and production management business, and our low cost FLNG solution. It leverages Golar\u2019s LNG expertise, and builds upon our industry leading position as a midstream solutions provider,\u201d said Golar Vice Chairman, Tor Olav Troim.<\/p>\n
OneLNG will be the exclusive vehicle for all projects that involve the conversion of natural gas to LNG, which require both Schlumberger Production Management services and Golar\u2019s FLNG expertise.<\/p>\n
\u201cThis new joint venture is uniquely positioned to optimize the development of low cost gas reserves. The technology platform and production management capability that Schlumberger brings will enable a total system approach, leading to a simpler and fast-tracked FID process, and reliable operational execution for the benefit of the gas resource owners,\u201d says Schlumberger, President Operations, Patrick Schorn.<\/p>\n
After reviewing the current market opportunities where 40% of the world\u2019s gas reserves can be classified as stranded, both parties say they are excited at the future prospects of OneLNG and are confident that it would conclude 5 projects within the next 5 years.<\/p>\n","protected":false},"excerpt":{"rendered":"