Golar has signed an agreement with PTTEP to jointly enter into Front End Engineering and Design (FEED) studies for the proposed Australian FLNG project located in North West Australia.

Agreement in principle has also been reached on the commercial structuring of the Australian FLNG project which provides for Golar to participate in the gas value chain on a 50:50 basis with PTTEP. It is intended that Golar will farm into the gas reserves held by PTTEP resulting from its recent acquisition of Coogee Resources Limited.

Golar Management's CEO, Gary Smith commented, "In line with the intention signaled last year when signing our MOU with PTTEP, both companies have moved quickly and decisively toward establishing a credible, attractive and aligned FLNG business. We are extremely pleased to be working with PTTEP in the area of FLNG and see the very material progress made over the past year as building a solid foundation for future growth. PTTEP has a clear strategy to expand its E&P business internationally and brings to the partnership strong capabilities that are complementary to Golar's floating midstream capability."

Mr. Smith went on to say, "Progress made in the area of FLNG announced today, our growing portfolio of floating storage and regasification projects, the development of the Gladstone Fisherman's Landing LNG project and new opportunities establishes Golar as a clear innovator and leader in developing profitable midstream LNG solutions."

Tags: Golar LNG, PTTEP