Golar LNG and Schlumberger are establishing a joint venture to rapidly develop low cost gas reserves to LNG, called OneLNG.
Golar and Schlumberger will have a 51/49 ownership of the joint venture. Both firms have agreed an initial investment commitment to cover the estimated equity needed to develop the first project.
Golar Vice Chairman, Tor Olav Troim said, "Our new venture with Schlumberger provides a powerful union of their oilfield services technology and production management business, and our low cost FLNG solution. It leverages Golar's LNG expertise, and builds upon our industry leading position as a midstream solutions provider."
Schlumberger, President Operations, Patrick Schorn commented, "This new joint venture is uniquely positioned to optimise the development of low cost gas reserves. The technology platform and production management capability that Schlumberger brings will enable a total system approach, leading to a simpler and fast-tracked FID process, and reliable operational execution for the benefit of the gas resource owners."
OneLNG will be the exclusive vehicle for all projects that involve the conversion of natural gas to LNG which require both Schlumberger Production Management services and Golar's FLNG expertise. Both companies believe the JV will lead to five projects within the next 5 years.