Golar LNG, Perenco and SNH take giant steps on the Kribi LNG Project

Golar LNG Ltd has succeeded in signing an agreement on the commercial terms and conditions for the development of its export of liquefied natural gas project in Cameroon following the sealed deal in 2014, with the national oil company Perenco and SNH Cameroon. The company announced on June 30.

The finalization of the commercial terms and conditions of the development project, located offshore, is subject to the approval of the Government of Cameroon.

At the same time, discussions are underway for finalization with the government on the Convention on the gas midstream sector which sets the regulations and the tax regime operating activities of liquefied natural gas with units floating in Cameroon.

Dual approval of the Cameroonian government could intervene towards the end of the third quarter 2015, explained the company listed on Oslo Stock Exchange and NASDAQ.

The project involves the operation of 500 billion cubic feet of natural gas reserves at the gas field in Kribi for export to world markets via the floating plant under construction at Keppel Shipyard in Singapore.

Production will begin in the second quarter of 2017 and will be at 1.2 million tons of liquefied natural gas per year representing about 50% of the rated capacity factory vessel over a period of eight years.