Golar LNG names new CEO, makes changes to tackle industry transformation

Golar LNG makes structural changes to tackle industry transformation

Golar LNG on Tuesday said it has decided to carry out strategic organizational changes to ensure the company is able to meet the additional demand for LNG created by the industry’s transformation. 

As part of its attempts to meet the industry challenges Golar LNG named Oscar Spieler, who has been responsible for the development of the Hilli project, as CEO replacing Gary Smith, the company said in a statement.

The monetization of stranded gas, lowering the cost of LNG production and the opening of new markets will all be critical success factors.

It is anticipated that delinking of LNG prices fro oil will create additional demand for LNG, and that the traditional approach to executing LNG projects favored by many oil majors may not cost effectively meet this new demand.

Despite the organizational changes, Golar LNG said it “remains focused on maximising the utilisation and rate levels of the LNG carriers and seeking employment for the FSRU fleet.”

The company’s long-term goal is to ensure its first FLNG vessel, Golar Hilli, is developed on time and within budget. It targets to capitalize on its potential to develop new FLNG projects.

Additionally, Golar LNG is studying the option of the development of a downstream LNG company comprising the implementation of strategic LNG entry points in emerging markets. The company would start with a portfolio of opportunities including participation in a 1.5GW power station in Sergipe, Brazil, backed by a 25-year PPA contract.

Golar intends to raise additional external capital to fund the company, named Golar Power.

The company also noted that Doug Arnell who was CEO of Golar until January 2015 remains as a senior advisor to the company and will assist the newly elected CEO Spieler, while Krzysztof Zielicki has been engaged by the board to structure the cooperation with Schlumberger.

Eduardo Antonello will take responsibility for structuring and developing Golar Power and has been developing the Sergipe project from inception.


LNG World News Staff

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Posted on May 10, 2016 with tags .


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