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Norway's Golar, Thai PTTEP in Australian FLNG deal

Thu Jul 9, 2009 5:51am EDT

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OSLO, July 9 (Reuters) - Norwegian gas shipper Golar LNG (GOL.OL) and Thai energy firm PTT Exploration and Production PTTE.BK have entered into an agreement to jointly develop an FLNG project in North West Australia, Golar said on Thursday.

A memorandum of understanding to develop floating liquefied natural gas production (FLNG) and invest in projects worldwide was signed in August last year.

Golar and PTTEP will participate on a 50:50 basis, Golar said.

"It is intended that Golar will farm into the gas reserves held by PTTEP resulting from its recent acquisition of Coogee Resources Limited," Golar said in a statement.

Golar recently announced its intention to restructure the company and form a subsidiary company that will focus on project development, both floating storage and regasification (FSRU) projects as well as liquefaction projects.

"In due course the new company will likely raise additional capital and will seek a separate listing," Golar said in a statement.

(Reporting by Aasa Christine Stoltz; Editing by David Cowell)



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