Golar and Schlumberger Form OneLNG Joint Venture: OneLNG targets development of low cost gas reserves to LNG
(Thomson Reuters ONE) -
LONDON, July 25, 2016-Golar LNG Limited ("Golar") and Schlumberger today
announced the creation of OneLNG(SM), a joint venture to rapidly develop low
cost gas reserves to LNG. The combination of Schlumberger reservoir knowledge,
wellbore technologies and production management capabilities, with Golar''s low
cost FLNG (Floating LNG) 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 51/49 ownership of the joint venture. Golar and
Schlumberger have 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. This
future financing will take into account Golar''s FLNG intellectual property
through an equitable contribution mechanism to be agreed between the parties.
Golar Vice Chairman, Tor Olav Troim said, "Our 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''s LNG
expertise, and builds upon our industry leading position as a midstream
solutions provider."
Schlumberger, President Operations, Patrick Schorn commented, "This 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."
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 5 projects within the next 5 years.
About Golar LNG
Golar LNG is one of the world''s largest independent owners and operators of LNG
carriers with over 30 years of experience. The company developed the world''s
first Floating Storage and Regasification Unit (FSRU) projects based on the
conversion of existing LNG carriers. Our strategic objective is to become an
integrated midstream player in the LNG industry. For more information, visit
www.golarlng.com.
About Schlumberger
Schlumberger is the world''s leading provider of technology for reservoir
characterization, drilling, production, and processing to the oil and gas
industry. Working in more than 85 countries and employing approximately 100,000
people who represent over 140 nationalities, Schlumberger supplies the
industry''s most comprehensive range of products and services, from exploration
through production, and integrated pore-to-pipeline solutions that optimize
hydrocarbon recovery to deliver reservoir performance.
Schlumberger Limited has principal offices in Paris, Houston, London and The
Hague, and reported revenues of $35.47 billion in 2015. For more information,
visit www.slb.com.
FORWARD LOOKING STATEMENTS
This document includes forward-looking statements regarding the joint venture
and the companies, made in reliance upon the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. The joint venture and
companies'' actual results may differ materially from those described in forward-
looking statements. Such statements are based on current expectations of the
joint venture and companies'' performance and are subject to a variety of
factors, some of which are not under the control of the joint venture and
companies, which can affect the joint venture and companies'' results of
operations, liquidity or financial condition.
Because the information herein is based solely on data currently available, it
is subject to change as a result of changes in conditions over which the joint
venture and companies have no control or influence, and should not therefore be
viewed as assurance regarding the joint venture and companies'' future
performance. Additionally, the joint venture and companies are not obligated to
make public indication of such changes unless required under applicable
disclosure rules and regulations.
For further information, contact:
Brian Tienzo - Golar Management Limited, Chief Financial Officer
Stuart Buchanan - Golar Management Limited, Head of Investor Relations
Tel: +44 207 063 7900
Simon Farrant - Schlumberger Limited, Vice President of Investor Relations
Joy V. Domingo - Schlumberger Limited, Manager of Investor Relations
Tel: +1 713 375 3535
investor-relations(at)slb.com
Joao Felix - Schlumberger Limited, Director of Corporate Communication
Tel: +1 713 375 3494
communication(at)slb.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Golar LNG via GlobeNewswire
[HUG#2030413]
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Datum: 25.07.2016 - 08:00 Uhr
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