Golar LNG signs agreement for 20-year FLNG deployment in Argentina

05 Jul 2024 13:18 CEST

Golar LNG Ltd. (“Golar”) has entered into definitive agreements with Pan
American Energy (“PAE”) for a 20-year deployment of a Floating Liquefied Natural
Gas (“FLNG”) vessel in Argentina. The FLNG project will monetize Argentine gas,
tapping into the vast resources from the Vaca Muerta shale formation in the
Neuquina Basin, the world's second-largest shale gas resources. The project is
expected to start LNG exports within 2027, establishing Argentina as an LNG
exporter.

This strategic venture is built on a robust commercial foundation, featuring:
(i) a Gas Sales Agreement from PAE for the supply of gas; and (ii) an FLNG
charter agreement with Golar which includes a base tariff and commodity exposure
to LNG sales prices.

The project aims to utilize Golar’s FLNG Hilli, with a nameplate capacity of
2.45 million tons per annum (“mtpa”), providing an equivalent net tariff of
US$2.6/mmBtu (based on 90% capacity utilization) with an additional
commodity-linked pricing element. Golar has flexibility to consider a swap
alternative for another suitable Golar FLNG unit.

As part of the agreements, Golar will hold a 10% stake in Southern Energy S.A.,
a dedicated joint venture with PAE, responsible for the purchase of domestic
natural gas, operations, and sale and marketing of LNG volumes from Argentina.

This initiative is envisaged to be the first phase of a potential multi-vessel
project and it is anticipated that other large natural gas producers in
Argentina will join.

Golar’s CEO, Mr. Karl Fredrik Staubo said “We are excited to enter a partnership
with Pan American Energy, one of the leading energy companies in Latin America.
The project will provide an international outlet for Argentina’s vast and
attractive natural gas reserves, creating value to Argentina and its gas
stakeholders. The project expands Golar’s global footprint, with further growth
potential.”

The agreements are subject to sign-off of customary conditions.

About Golar LNG
Golar LNG is a NASDAQ listed maritime LNG infrastructure company. Through its
75-year history, the company has pioneered maritime LNG infrastructure including
the world's first Floating LNG liquefaction terminal (FLNG) and Floating Storage
and Regasification Unit (FSRU) projects based on the conversion of existing LNG
carriers. Today Golar is a focused FLNG company, and the only proven provider of
FLNG as a service. Golar owns the world’s largest fleet of FLNG units by annual
liquefaction capacity, with a market leading operational track record.

About Pan American Energy
PAE is a leading integrated energy company in Latin America, that holds
interests across the whole hydrocarbon value chain, producing 250,000 boed, with
more than 2,300 million boe of net 2P reserves, and with an energy transition
agenda that involves renewable power, LNG, lithium and biofuels. PAE maintains
an average annual investment that exceeds US$ 1.5 billion and employs more than
21,000 people directly and indirectly.

Forward-Looking Statements

This press release contains forward-looking statements (as defined in Section
21E of the Securities Exchange Act of 1934, as amended). All statements, other
than statements of historical facts, that address activities and events that
will, should, could or may occur in the future are forward-looking statements.
Words such as “may,” “could,” “should,” “would,” “expect,” “plan,” “anticipate,”
“intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,” “potential,”
“continue,” or the negative of these terms and similar expressions are intended
to identify such forward-looking statements. These forward-looking statements
involve many risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by such statements.

You should not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. Golar LNG Limited undertakes no
obligation to update publicly any forward-looking statements whether as a result
of new information, future events or otherwise, unless required by applicable
law.


Hamilton, Bermuda
July 5, 2024
Investor Questions: +44 207 063 7900
Karl Fredrik Staubo - CEO
Eduardo Maranhão - CFO
Stuart Buchanan - Head of Investor Relations

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act

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