Golar LNG has signed an agreement with PTTEP of Thailand for the purpose of jointly developing Floating LNG production (FLNG) opportunities. Both companies have identified the FLNG business opportunity that now exists and believe their complementary capabilities provide a strong platform for commercial growth.

The agreement signed provides for the joint pursuit of projects on a worldwide basis with both companies sharing in the risks and rewards of developing FLNG opportunities. The joint approach is not tied to any particular technology or gas reservoir but rather recognizes that a range of technologies and gas reservoirs exists and believes that a flexible "field first approach" is for both companies the most appropriate strategic and commercial approach to FLNG.

It is the intention of both companies to move quickly and decisively with the objective of developing a portfolio of FLNG opportunities over time.

Golar's CEO, Gary Smith commented "we are extremely pleased to be working in partnership with PTTEP in the pursuit of FLNG opportunities. PTTEP has a clear strategy to expand its E&P business and it brings to the partnership strong capabilities that are complementary to Golar's floating mid stream capability."

Tags: Golar LNG, PTT Exploration and Production Public Company Limited