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Tuesday, July 26, 2016
Golar LNG and Schlumberger have come together to form the OneLNGSM JV. The JV was formed with the aim of rapidly developing low cost gas reserves into LNG.
The combination of Schlumberger reservoir knowledge, wellbore technologies and production management capabilities, with Golar’s low cost FLNG solution, will offer gas resource owners a faster and lower cost development thereby increasing the net present value of the resources.
Golar and Schlumberger have a 51/49 split in the ownership of the JV. The two have agreed to 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. This future financing will take into account Golar’s FLNG intellectual property through an equitable contribution mechanism to be agreed between the parties.
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’s FLNG expertise. After reviewing the current market opportunities where 40% of the world’s gas reserves can be classified as stranded, both parties are excited at the future prospects of OneLNG and are confident that it would conclude five projects within the next five years.
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