Golar LNG and Schlumberger have created a new joint venture OneLNG which aims to develop low cost gas reserves.
The company said the combination of Schlumberger’s reservoir knowledge combined with Golar’s FLNG (Floating LNG) solution, will offer gas resource owners a cheaper development helping to increase the value of resources.
Golar and Schlumberger will have a 51/49 ownership of the joint venture and both companies have agreed an initial investment commitment to cover the estimated equity needed to develop the first project.
Additional capital will be assessed on a project-by-project basis.
This future financing will take into account Golar FLNG’s intellectual property through an equitable contribution mechanism to be agreed between 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. It leverages Golar’s LNG expertise, and builds upon our industry leading position as a midstream solutions provider.”
OneLNG will be the vehicle for all projects which involve the conversion of natural gas to LNG which require both Schlumberger Production Management services and Golar’s FLNG expertise.
