Golar, Schlumberger create FLNG JV

Golar, Schlumberger create FLNG JVImage courtesy of Golar LNG

Golar LNG, one of the world’s largest owners and operators of LNG carriers, and oilfield services giant Schlumberger on Monday created OneLNG, a joint venture aiming to “rapidly develop low-cost gas reserves” to LNG.

The two companies have agreed 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, according to a joint statement issued on Monday.

Golar and Schlumberger have 51/49 ownership of the joint venture, the statement reads.

Commenting on the formation of the JV, Golar vice chairman, Tor Olav Troim sad it provides a union of Schlumberger oilfield services technology and production management business, and Golar’s FLNG solution.

According to the statement, the two companies have reviewed the current market opportunities coming to a conclusion that “40 percent of the world’s gas reserves can be classified as stranded”, which is the market the JV is looking to cover.

To remind, Golar LNG and Schlumberger signed a memorandum of understanding to cooperate on developing greenfield, brownfield and stranded gas reserves in January.

Both companies reinforced the commitment to the cooperation despite Schlumberger’s withdrawal from the Fortuna FLNG project agreement with Ophir.

In terms of the newly formed joint venture, both companies said they are “confident that the JV would conclude 5 projects within the next 5 years.”

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