Golar LNG Limited says that its Cameroon floating liquefied natural gas project has reached a major milestone with the final approval by all parties of the Gas Convention for the project. This final investment decision commits the project to a targeted start date for commissioning of second quarter, 2017.
At a signing ceremony in Yaoundé, Cameroon on Wednesday, September 30, Cameroon's state owned oil and gas company Société Nationale des Hydrocarbures, Perenco Cameroon, Golar Hilli Corporation and Golar Cameroon executed a fully effective and binding Gas Convention with the Republic of Cameroon which endorses and governs the installation and operation of the GoFLNG vessel in Cameroon waters offshore of Kribi.
The binding Tolling Agreement having already been agreed between Golar and Perenco, is expected to be formally approved by the 25% upstream partner SNH imminently. This agreement establishes the terms under which Golar shall provide liquefaction, storage, and off-loading services to SNH and Perenco as upstream joint venture partners.