Golar LNG Starts Cameroon Project

zoom Golar LNG Ltd has signed an agreement with Societe Nationale de Hydrocarbures and Perenco Cameroon for the development of a floating liquefied natural gas export project located 20 kilometers off the coast of Cameroon and utilizing Golars floating liquefaction technology (GoFLNG). The agreement is premised on the allocation of 500 bcf of natural gas reserves from offshore Kribi fields, which will be exported to global markets via the GoFLNG facility Golar HIlli, now under construction at the Keppel Shipyard in Singapore. Golar will provide the liquefaction facilities and services under a tolling agreement to SNH and Perenco as owners of the upstream joint venture who also intend to produce LPGs for the local market. It is anticipated that the allocated reserves will be produced at the rate of some 1.2 million tonnes of LNG per annum over an approximate eight year period. It is expected that during the first half of 2015 definitive commercial agreements will be executed and necessary licenses and approvals secured for the production, liquefaction, and export of the reserves, and that production will commence in the first half of 2017. This will be the first floating LNG export project in Africa and will see Cameroon joining the small number of LNG exporting nations.