LONDON – Golar LNG Ltd. and Schlumberger have formed OneLNG, 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. The companies 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.
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.”
Schlumberger President Operations Patrick Schorn said: “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 fasttracked FID process, and reliable operational execution for the benefit of the gas resource owners.”
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