Golar LNG and Delfin Midstream sign agreement to jointly develop the Delfin LNG Project in the US Gulf of Mexico
June 21 2017 - 6:54AM
LONDON, June 21st, 2017 - Delfin
Midstream ("Delfin"), and Golar LNG Limited ("Golar"), announce
that they have signed a Joint Development Agreement to develop the
Delfin LNG project ("Delfin LNG"), off the coast of Cameron Parish,
Lousiana utilising Golar's FLNG technology. The joint
development agreement will facilitate the financing, marketing,
construction, development and operation of Delfin LNG.
Delfin LNG is the first and only
permitted floating LNG export project in the United States.
Delfin LNG is a brownfield Deepwater Port requiring minimal
additional infrastructure investment to support up to four FLNG
vessels producing up to 13 million tonnes of LNG per annum.
Delfin purchased the UTOS pipeline, the largest natural gas
pipeline in the Gulf of Mexico, in 2014 and submitted its Deepwater
Port license application in 2015. Delfin LNG received a
positive record of decision from MARAD on March 13th, 2017. On June
1st 2017 Delfin received approval from the Department of Energy for
long-term exports of LNG to countries that do not have a Free Trade
Agreement with the United States.
Golar has successfully designed,
financed, contracted, and built its first FLNG vessel, the FLNG
Hilli Episeyo, which is scheduled to sail away from Keppel shipyard
in Q3 2017. A second vessel of the same FLNG design, the FLNG
Gandria, is soon to be converted subject to a Final Investment
Decision ("FID") by the Fortuna project partners. Golar is
currently developing the Mark II next-generation floating
liquefaction solution that is based on its industry leading Hilli
and Gandria designs. The Mark II solution, as used at the
Delfin LNG project, will have >3.0 mmtpa of liquefaction
capacity and will be the lowest cost liquefaction solution in North
America.
It is expected that FID on the
Delfin project will take place in 2018 with first LNG to be
delivered in 2021/22. Delfin LNG is uniquely positioned in
the North American LNG market as a proven low cost solution,
modular, scalable, requiring limited additional investments in
fixed infrastructure, and having already completed its
environmental permitting and received Non-FTA export
authorizations.
Oscar Spieler, Chief Executive of
Golar, commented: "Golar's proven execution
model will allow Delfin to deliver the lowest cost liquefaction
solution in the North American market with a construction time of
less than 3 years. Golar's low cost modular floating technology
will allow Delfin to make Final Investment Decisions in 3.0 mmtpa
increments at a lower unit cost than large land-based
projects."
Frederick Jones, CEO and Chairman
of Delfin commented: "We look forward to working
with Golar to deliver the first floating liquefaction project in
North America and lead the second wave of US LNG projects. Golar's
flexible, floating liquefaction model has proven to be the world's
lowest cost liquefaction solution allowing Delfin to offer
innovative commercial solutions with reduced credit requirements,
mid-term offtake contracts (approximately 10 years) and FOB and DES
LNG pricing based on fixed price, S curves or tied to a variety of
energy indexes."
FORWARD
LOOKING STATEMENTS
This press release contains
certain forward-looking statements concerning future events and
Golar's operations, performance and financial condition.
Forward-looking statements include, without limitation, any
statement that may predict, forecast, indicate or imply future
results, performance or achievements, and may contain the words
"believe", "anticipate", "expect", "estimate", "project", "will
be", "will continue", "will likely result", "plan", "intend" or
words or phrases of similar meanings. These statements involve
known and unknown risks and are based upon a number of assumptions
and estimates that are inherently subject to significant
uncertainties and contingencies, many of which are beyond Golar's
control. Actual results may differ materially from those expressed
or implied by such forward-looking statements. Important
factors that could cause actual results to differ materially
include, but are not limited to, those factors listed from time to
time in the reports and other documents Golar files with the United
States Securities and Exchange Commission.
New factors emerge from time to
time, and it is not possible for Golar to predict all of these
factors. Further, Golar cannot assess the impact of each such
factor on its business or the extent to which any factor, or
combination of factors, may cause actual results to be materially
different from those contained in any forward-looking statement.
Golar does not intend to release publicly any updates or revisions
to any forward-looking statements contained herein to reflect any
change in Golar's expectations with respect thereto or any change
in events, conditions or circumstances on which any such statement
is based.
For further enquiries please
contact:
Delfin Midstream
+ 1 713 703 6698
Golar LNG
+44 (0)20 7063 7900
Stuart Buchanan, Head of Investor Relations
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Golar LNG via Globenewswire
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