Golar’s Cameroon FLNG to ship 56th cargo as throughput talks continue

Golar’s Hilli Episeyo, world’s first converted FLNG vessel, will soon dispatch the 56th cargo since it started operations three years ago offshore Kribi, Cameroon.

“FLNG Hilli Episeyo is currently offloading the 56th cargo, with 100% commercial uptime maintained,” Golar LNG said in its first-quarter report on Thursday.

This follows the 50th cargo in January this year.

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.

Talks continue

Golar said it has continued to hold talks with Perenco and SNH on increasing the vessel’s throughput, but the firm also executed all remaining documentation required to remove the cap on gas reserves available for liquefaction by the FLNG.

“Although drilling has not yet commenced, current plans to bring on incremental production from first quarter in 2022 remain likely,” Golar said in its financial report.

Golar has an economic interest in around 87 percent of any incremental earnings from increased throughput of the third train, it said.

In addition to the third train discussions, Hilli is expected to generate Brent Oil linked cash flows, in which Golar has an 89 percent economic interest, from the second quarter this year.

“The contractual Brent Oil linked component of Hilli’s currently contracted production generates incremental cashflows equivalent to approximately $3 million per annum for every dollar the Brent Oil price is above $60/barrel, up to an agreed but undisclosed ceiling,” the firm said.

Most Popular

BGN delivers its first LNG cargo to Germany, secures Egypt deal

Switzerland-based energy trader BGN has completed its first LNG delivery to Germany, while simultaneously securing a deal to supply Egypt with LNG.

Excelerate’s FSRU launched in South Korea

South Korean shipbuilder HD Hyundai Heavy Industries has launched Excelerate Energy’s new floating storage and regasification unit (FSRU).

US small-scale LNG duo agree to merge

US-based small-scale firms United Energy LNG and Power LNG have agreed to merge, creating a small-scale LNG platform that will serve industrial, power, and transportation markets across North America.

More News Like This

Golar LNG wraps up $575 million senior notes offering

Last week, Golar revealed that it intends to offer, subject to market and other conditions, $500 million aggregate principal...

Golar LNG in $500 million senior notes offering

Floating LNG player Golar LNG aims to raise about $500 million via an offering of convertible senior notes due 2030.

Golar progresses FLNG growth plans

Golar LNG said it had signed a final engineering study to confirm EPC price and delivery for a 5 mtpa MKIII FLNG.

Golar chairman says FLNG industry set for ‘massive’ growth

Golar LNG will continue to expand its fleet of floating LNG production units in an industry set for "massive" growth, according to Golar LNG's chairman, Tor Olav Trøim.