Golar’s Cameroon FLNG ships 59th cargo

Golar’s Hilli Episeyo, world’s first converted FLNG vessel, has recently dispatched the 59th cargo since it started operations more than three years ago offshore Kribi, Cameroon.

Golar LNG revealed this in its second-quarter report on Monday but it did not provide any additional information on the shipment.

This follows the 56th cargo in May this year as the FLNG continues to maintain 100% commercial uptime, according to Golar.

Hilli Episeyo started commercial operations in May 2018 under production tolling deals with Cameroon’s Perenco and SNH.

Russia’s Gazprom is the sole offtaker from the FLNG project taking 1.2 mtpa under an eight-year deal expiring in 2026.

Moreover, the gas giant is taking 50 percent of the vessel’s total 2.4 mtpa capacity produced from two trains. The FLNG has in total four trains installed onboard.

Golar recently revealed it had finally agreed to boost utilization of the FLNG by 200,000 tons with Perenco and SNH.

In addition to the 2022 capacity increase, Perenco and SNH intend to drill and appraise two to three incremental natural gas wells during 2021, and subsequently upgrade upstream facilities in 2022 to support further sustained increases in production from 2023 onward, Golar said.

“Best ever quarterly net income”

Golar reported the company’s “best ever quarterly net income” of $471.4 million, inclusive of a gain on disposal of Hygo Energy and Golar LNG Partners to New Fortress Energy.

This compares to a loss of $155.6 million in the same period last year.

Golar is, following the Hygo transaction, an 8.9 percent shareholder in NFE, and the lock-up on Golar’s shareholding in NFE expired on July 15.

“We are disappointed with the share price performance of NFE since we announced the Hygo and GMLP transactions on January 1,” the firm said.

However, the firm expects to see “strong earnings growth” for NFE as their terminals ramp up LNG volumes, and their jack-up FLNG technology delivers.

“We continue to work constructively with NFE in our combined efforts to industrialize the FLNG concept,” Golar said.

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