Yaoundé, Cameroon, 27th November, 2015 - Gazprom Marketing & Trading Singapore Pte Ltd (“GM&TS”), Société Nationale des Hydrocarbures (“SNH”), Perenco Cameroon S.A. (“PERCAM”), Golar Hilli and Golar Cameroon (“GOLAR”) are pleased to announce the signing of an eight year floating liquefied natural gas project, off the coast of Kribi, Cameroon.
The project is based on the allocation of 500 BCF of natural gas reserves to be supplied by SNH and PERCAM from the Sanaga Sud and Ebome fields. The FLNG Terminal will be owned and operated by GOLAR via its “Hilli” FLNG vessel currently under conversion at the Keppel Shipyard in Singapore. First LNG deliveries from the terminal are scheduled to commence during the second half of 2017.
Following an international tender GM&TS has been awarded this 1.2 million tonnes per annum FOB LNG sales contract and will be the sole off-taker from the FLNG Terminal.
On the basis of the foregoing, SNH and Perenco Cameroon are happy to announce the Final Investment Decision (“FID”) for the FLNG project.
The project represents an outstanding industry initiative bringing off-shore liquefaction solutions to monetize previously unexploited or marginal natural gas accumulations. Commercial innovations and optimisations in the upstream, mid-stream and downstream value chain have been decisive elements leading to the FLNG Project’s FID.
Vitaly Vasiliev, CEO of Gazprom Marketing & Trading commented: "We are thrilled to announce our partnership with the State of Cameroon and a leading independent oil & gas company such as Perenco and excited to bring GM&TS’ technical, commercial and marketing expertise to this innovative project”.
Jean-Michel Jacoulot, CEO of Perenco declared:
“Through this pioneer project, Perenco is proud to confirm its role as partner of choice of the State of Cameroon for the development and the commercialisation of its natural gas resources. We are enthusiastic to commence a cooperation with GM&TS, a world class and global energy player. The completion of this unique project could trigger further perspectives for similar developments in the region.”
Golar's CEO Gary Smith commented:
"Golar is very proud to be participating in this innovative and pioneering project in Cameroon. The approvals reached today in the current environnement are a clear demonstration of the strength of the FLNG concept. Golar looks forward to growing and developing the relationships established in this project.”
For further information or images, please contact:
Paddy Blewer/Anastasia Ivanova
+44 (0) 20 7611 3500