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Golar LNG indications 20-year drifting LNG vessel handle Argentina

Golar LNG stated on Friday it has actually partnered with Pan American Energy to release a drifting liquefied gas (FLNG) vessel for twenty years to export domestic natural gas as LNG from Argentina.

Golar will hold a 10% stake in Southern Energy S.A., a joint venture with Pan American, which will be responsible for buying domestic natural gas, operations and sale of LNG volumes from Argentina.

The job intends to take advantage of the Vaca Muerta shale development in the Neuquina Basin, the world's second-largest shale gas resources, and start LNG exports within 2027, Golar said in a. statement.

Energy companies from Argentina and Brazil started talks. previously this year to address the local fuel deficiency,. thinking about exporting gas from the Vaca Muerta shale formation. by reversing a network of Bolivian pipelines that has brought. gas south.

The project, which will use Golar's FLNG Hilli with a. capability of 2.45 million tons per year, is promoted to be the. first phase of a potential multi-vessel task, with other. natural gas manufacturers in Argentina anticipated to join, the. statement stated.

LNG costs hit a record high in 2022 following Russia's. invasion of Ukraine, but have dropped to their least expensive level in. almost 3 years tracking weaker-than-expected need due to a. mild winter and high stockpiles in the United States, Europe and. Japan.

(source: Reuters)