Golar, PTTEP cancel FLNG project off Australia

Rick Wilkinson
OGJ Correspondent

MELBOURNE, Feb. 2 -- Golar LNG Energy, Bermuda, and Thailand’s PTTEP have cancelled their heads of agreement and joint study agreement signed last year to develop a floating LNG (FLNG) project off northwest Australia.

At the same time, the two companies also announced termination of a memorandum of understanding for the global cooperation to identify and develop other FLNG projects.

The Australian part of the agreement to enter into front-end engineering and design studies for the FLNG project on a 50-50 basis was signed in July 2009.

The plan was to develop stranded gas reserves in the Timor Sea originally found by BHP Petroleum Ltd. in the 1980s and then bought by Coogee Resources before PTTEP took over Coogee in late 2008. The main gas fields are Cash, Maple, Biliara, Tahbilk, Pathaway, and Montara.

The companies have not revealed a reason for the split, but Golar LNG says it will continue to pursue FLNG projects that fit its financial objectives and technical capabilities. The company added it still believes highly cost-efficient approaches to gas development based on FLNG are the key to substantial additional growth opportunities.

Related Articles

INGAA Foundation forecasts oil, gas infrastructure outlays to 2035

03/18/2014 An estimated $640.9 billion, or an average $29.1 billion/year, will need to be spent on US and Canadian midstream crude oil, natural gas, and natur...

Cameron LNG awards export-plant contracts

03/17/2014 Cameron LNG LLC has awarded CB&I and Chiyoda International Corp. a $6 billion engineering, procurement, and construction contract to build a 13...

IOC to buy stake in proposed PNW LNG terminal

03/17/2014 Indian Oil Corp. Ltd. (IOC) has signed an agreement with Progress Energy Canada Ltd., Calgary; Pacific Northwest LNG Ltd. (PNW LNG), Vancouver, BC;...

FERC issues draft EIS on Freeport LNG’s Phase II projects

03/14/2014 The US Federal Energy Regulatory Commission has issued a draft environmental impact statement (EIS) on Freeport LNG’s Phase II modification and liq...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected