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Golar LNG and Schlumberger in FLNG joint venture

Golar LNG and Schlumberger in FLNG joint venture
Golar LNG and Schlumberger are forming a new joint venture for rapid development of low cost gas fields utilising Golar’s FLNG capabilities.

The new joint venture OneLNG will be owned by Golar and Schlumberger 51% - 49% respectively.

The two companies said they had agreed an initial investment to cover the first project combing Schlumberger’s reservoir knowledge, wellbore technologies and production management capabilities, with Golar's low cost FLNG solution.

Golar has contracted Keppel Shipyard in Singapore for three FLNG, conversions the first in the world. The first the conversion of the LNG carrier the Hilli is due to be completed mid-next year for a project in Cameroon. While a second FLNG conversion is pending a final investment decision.

"Our new venture with Schlumberger provides a powerful union of their oilfield services technology and production management business, and our low cost FLNG solution,” said Tor Olav Triom, vice chairman of Golar.

“It leverages Golar's LNG expertise, and builds upon our industry leading position as a midstream solutions provider."

Schlumberger, president operations, Patrick Schorn said, "This new joint venture is uniquely positioned to optimize the development of low cost gas reserves.”

The two companies said OneLNG would be an exclusive vehicle for all projects that involve the conversion of natural gas to LNG which require both Schlumberger Production Management services and Golar's FLNG expertise.

Golar and Schlumberger said they were confident there would be five projects in the next five years.