Golar LNG Energy - PTTEP Agreement Termination
(Thomson Reuters ONE) - Golar LNG Energy Limited (Golar) and PTTEP Offshore Investment Company Limited(PTTEP) announce the joint termination of the Heads of Agreement and Joint StudyAgreement governing their joint development of a floating liquefied natural gas(FLNG) project based on the gas fields in North West Australia owned by PTTEP.The two companies have also announced their termination of a Memorandum ofUnderstanding covering their global cooperation to identify and develop FLNGprojects. Golar appreciates the learning and experience gained during theperiod of this cooperation.Golar will continue to actively pursue FLNG projects which fit with itsfinancial objectives and best captures its technical capabilities. Golar willalso continue to seek equity positions along the LNG value chain, includingentitlement to LNG.Golar's FLNG strategy will be expanded to include the development of low capitalcost, rapid deployment floating facilities utilising the conversion of highquality existing LNG carriers, floating technologies for the liquefaction ofpipeline quality gas or associated gas (requiring minimal processing) and seekother innovative LNG solutions.This strategy complements Golar's industry leadership position in floating LNGregasification facilities development. Golar has chartered-out the world'sfirst and second floating storage and regasification units based on theconversion of existing LNG carriers to Petrobras in Brazil. A third conversionis currently at an advanced stage and will be chartered to the Dubai SupplyAuthority. Other similar projects are currently under development, reflectingGolar's very positive view of growth opportunities in this sector.In an era of intense competition in the LNG industry and the high cost and longlead time of land based LNG facilities, Golar believes highly cost efficientapproaches based on floating LNG liquefaction, storage and offtake, shipping andregasification facilities of the types now being developed by the company willbe key to substantial additional growth opportunities.Golar LNG Energy LimitedJanuary 29, 2010Hamilton, Bermuda.Questions should be directed to:Golar Energy Management LtdOscar Spieler: CEO - +65 6296 5518Golar Management Ltd - +44 207 063 7900:Graham Robjohns: Chief Financial OfficerThis information is subject of the disclosure requirements acc. to §5-12 vphl(Norwegian Securities Trading Act)[HUG#1378870]
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Datum: 29.01.2010 - 19:31 Uhr
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