PTT Exploration and Production and Golar Liquefied Natural Gas agree on LNG project in WA
Thai energy firm PTT Exploration and Production and Norwegian-based gas shipping company Golar Liquefied Natural Gas have announced an agreement to jointly develop a Floating LNG project in northern Western Australia.
The announcement comes almost two years after the two companies signed a memorandum of understanding in August 2007 in which they agreed to develop and invest in FLNG projects worldwide.
Agreement has also been reached in principle on commercial structuring of the Australian FLNG project to allow companies to participate in the gas value chain on a 50-50 basis.
Golar Managements Chief Executive Gary Smith says the project is a major boost for the company and, combined with its other LNG projects, “establishes Golar as a clear innovator and leader in developing mid-stream LNG solutions”.
The project is expected to be operating by 2013 and will produce up to 1.5 million tonnes of LNG a year.