With over 620 trillion cubic feet of natural gas resources, opportunities for scaling up economic growth through Liquefied Natural Gas (LNG) have enticed a strong slate of players to the market. Companies such as Golar LNG, a renowned marine LNG operator, is set to make a significant impact on Africa’s burgeoning LNG sector.
The company has a track record of pioneering innovative LNG solutions, and has joined the African Energy Week (AEW) 2023 conference and exhibition (October 16-20) as a Bronze Sponsor. This sponsorship not only underscores the company’s commitment to collaborating but is a testament to its drive to make energy poverty history on the back of sustainable energy solutions.
Over the past few decades, Africa’s LNG industry has witnessed remarkable growth, fueled by the continent’s abundant natural gas resources. Many African nations have recognized the importance of investing in the exploration, production, and export of LNG as a fundamental component of its energy strategies. Golar has been at the forefront of innovation in the LNG industry, particularly in the development and operation of Floating LNG (FLNG) facilities. In 2008, Golar initiated operations on the world’s first Floating Storage Regasification Unit (FSRU), dubbed the Golar Spirit. This marked a significant milestone in the utilization of floating technology for LNG handling.
Golar’s contribution to Africa’s LNG journey is substantial. The company owns and operates the 2.4 million metric tons per annum (mtpa) Hilli FLNG facility in Cameroon, which has played a vital role in liquefying natural gas for export. Additionally, Golar is in the final stages of converting the Gimi FLNG facility, with a capacity of 2.5 mtpa, in Singapore. This vessel will soon serve bp’s Greater Tortue Ahmeyim project offshore Mauritania and Senegal under a long-term charter agreement, further solidifying Golar’s presence in the region.
Furthermore, Golar has recently expanded its reach through strategic collaborations. The company has signed Heads of Terms deal with the Nigerian National Petroleum Corporation for the joint development of gas fields using FLNG producers, building on its previous agreement with the company. This partnership has the potential to fully utilize the existing FLNG Hilli after its current contract concludes in mid-2026 or to introduce a new MKII FLNG with an annual capacity of 3.5 mtpa, offering flexible and innovative solutions to gas development challenges.
Golar has also exercised its option to acquire the Fuji LNG carrier, a vessel with a capacity of 148,000 cubic meters. The company’s plan is to convert this carrier into a FLNG producer, a transformative step in expanding its LNG production capabilities. The estimated cost of this conversion is approximately $2 billion, reinforcing Golar’s commitment to innovation and sustainable LNG production.
Additionally, Golar LNG is deeply committed to sustainability, firmly believing in the pivotal role of LNG as a companion fuel to renewables. The company prioritizes flexible marinized infrastructure for harnessing smaller gas resources and fostering carbon-free fuels like hydrogen and ammonia. Golar LNG’s sustainability approach includes proactive environmental commitments outlined in its 2020 Environmental, Social and Governance (ESG) report, setting ambitious yet attainable 2030 goals. The company is dedicated to transparent ESG reporting, emphasizing annual updates on key ESG issues as part of its commitment to responsible corporate practices.
“Golar LNG’s pioneering efforts exemplify its commitment to advancing Africa’s LNG industry through innovation and bold solutions. These initiatives not only unlock the continent’s vast natural gas resources but also bring about transformative change, driving progress and prosperity across the African landscape,” states NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC).
Golar’s sponsorship at AEW 2023 exemplifies the company’s dedication to advancing Africa’s energy sector. With vast experience in the LNG industry, Golar aims to be a catalyst for change and growth, ensuring that LNG continues to be a cornerstone of Africa’s evolving energy mix.
Distributed by APO Group on behalf of African Energy Chamber.
About African Energy Week:
AEW is the AEC’s annual conference, exhibition and networking event. AEW 2023 will unite African energy policymakers and stakeholders with global investors to discuss and maximize opportunities within the continent’s entire energy industry. For more information about AEW 2023, visit https://AECWeek.com