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Milestone for Golar LNG as final investment decision made on Cameroon project

The employment of Golar LNG’s first FLNG conversion has moved a major step closer with the final investment decision for the Cameroon project.

Cameroon's state owned oil and gas company Société Nationale des Hydrocarbures (SNH), Perenco Cameroon (Perenco), Golar Hilli Corporation and Golar Cameroon have executed a fully effective and binding Gas Convention with the Republic of Cameroon that will endorses and governs the installation and operation of the GoFLNG vessel in Cameroon waters offshore of Kribi.

Production is expected to start in the second quarter of 2017 utilising the GoFLNG vessel Hilli currently under conversion in Keppel Shipyard in Singapore.

“We genuinely believe the employment of this first speculatively ordered FLNG unit and the approval for development of the Kribi field sets a new standard for development of gas reserves,” said Gary Smith, ceo of Golar. “Golar's GoFLNG business model reduces the resource holder's capex and project execution risk, advance their cash flow and is flexible enough to develop smaller reserves.”

Looking ahead he said, “Golar is increasingly encouraged by the growing portfolio of interesting FLNG projects currently being discussed and developed."

Golar has contracted Keppel for two further FLNG conversions.

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