Golar LNG has today announced the approval of the tolling term sheet of its Cameroon FLNG project. Due to this, the commercial terms for the FLNG vessel, Golar Hilli have been confirmed.

Recently, Cameroon's oil and gas companies, Societe Nationale des Hydrocarbures (SNH), Perenco Cameroon (Perenco), Golar Hilli Corporation and Golar Cameroon (Golar) executed a Gas binding agreement with the Republic of Cameroon which approves and governs the installation and operation of the GoFLNG vessel in Cameroon waters, offshore Kribi.

As JV partners, Golar is to provide SNH and Perenco, liquefaction, storage and off-loading services.

As a matter of fact, it is expected that 500 bcf of natural gas reserves from the Kribi field is to be produced at the rate of 1.2 million tons of LNG yearly. It however represents approximately 50% of the vessel’s production capacity for a period of eight years.

Golar reveals operations are to commence by Q2 of 2017, LNG world news reports.