New Fortress Energy (NFE), a US-based company, has reached an agreement with Golar LNG the sale of NFE’s ownership stake in the Hilli Episeyo floating LNG (FLNG) facility, which is moored 14 km off the coast of Kribi in Cameroon, in exchange for the return of 4.1 million NFE shares and US$100m in cash. Pursuant to the transaction, GLNG will acquire NFE’s entire interest in the 2.4 Mt/year FLNG. As part of the agreement, NFE will also extinguish US$323m in debt obligations associated with its interest in the Hilli. The transaction should close in 2023.
FLNG Hilli’s customers are oil and gas company Perenco and Cameroon’s national oil firm Société nationale des hydrocarbures (SNH). Under an 8-year purchase agreement, the Russian energy group Gazprom is the sole off-taker from the project, which entered production in 2018.
In 2021, Cameroon produced 1.8 bcm of LNG (+10% compared to 2020).
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