Page 7 - GLNG Week 33 2022

GLNG AFRICA GLNG

Golar LNG says conversion of Gimi

LNG tanker is 86% complete

TANKERES BERMUDA-REGISTERED Golar LNG has said payment, it added.
the process of converting the Gimi LNG tanker The commissioning and delivery of the con-
into a floating LNG (FLNG) plant for installation verted tanker to BP (UK), the operator of the
at the Greater Tortue/Ahmeyim (GTA) block GTA project, will help unlock about $3bn in
offshore Senegal and Mauritania is at least 86% earnings backlog for Golar LNG, or $151mn
complete. in adjusted annual EBITDA (earnings before
In a report on its performance in the second interest, taxes, depreciation and amortisation),
quarter of 2022, Golar LNG stated that work on the second-quarter statement said.
the conversion project was moving forward at The FLNG will support the production of
the Keppel shipyard in Singapore. The vessel was 2.5mn tonnes per year (tpy) of LNG from Phase
86% technically complete as of the end of June, it 1 development operations at GTA. It will be
said, and will be ready to start production in the installed at the offshore gas hub now under con-
fourth quarter of 2023 as scheduled. struction at the block and connected to a floating
The statement went on to say that Golar LNG production, storage and off-loading (FPSO) ves-
had struck a deal with Keppel Capital, which sel via pipeline.
has a minority stake in the Gimi LNG tanker, to The GTA block straddles the maritime bor-
pay the Keppel shipyard a $50mn incentive in der between Senegal and Mauritania. It con-
exchange for ensuring that the conversion pro- tains around 15 trillion cubic feet (425bn cubic
ject was finished in time for the FLNG to set sail metres) of gas, enough to support an export-ori-
in the first half of 2023. It noted that Golar LNG ented LNG project as well as pipeline deliveries
would cover $35mn of the total, in line with its to Senegal’s domestic market. Kosmos Energy
70% stake in the vessel, with Keppel Capital cov- (US) discovered gas at the block in 2015 and
ering the remaining $15mn, in line with its 30% then teamed up with BP for the project in 2016.
stake. The two companies made an FID on Phase 1 in
Golar LNG will use cash on hand to make this late 2018.™

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