Schlumberger, Golar LNG establish new JV
LONDON, July 25, 2016 – Schlumberger and shipping company Golar LNG on Monday announced the creation of joint venture entity OneLNG, aimed at developing low-cost gas reserves to LNG faster and more cost-efficiently.
Golar LNG, which will head the joint venture on a 51% stake, and Schlumberger said in a press release that OneLNG would be able to carry out five projects between now and 2021. “Our new venture with Schlumberger provides a powerful union of their oilfield services technology and production management business, and our low cost FLNG solution,” Golar vice-chairman Tor Olav Troim said.
Saying the joint venture would streamline the process of unlocking and monetising low-cost gas reserves, Schlumberger president of operations Patrick Schorn said, “The technology platform and production management capability that Schlumberger brings will enable a total system approach, leading to a simpler and fast-tracked FID [final invest decision] process.”
In January, Golar and Schlumberger signed a memorandum of understanding to develop greenfield, brownfield and stranded gas reserves. The agreement saw Schlumberger offer upstream development expertise, capital and resources, while Golar committed its FLNG assets. At the time of the announcement, both parties intended to announce a first project by the end of March. No statements to that end were made on Monday.