Senegal - Mauritania: BP and Golar reset their Gimi FLNG agreement on GTA

BP and Golar LNG recently signed a commercial reset agreement for the floating liquefied natural gas (FLNG) vessel Gimi, a key component of BP's Greater Tortue Ahmeyim (GTA) LNG project, located off the coasts of Mauritania and Senegal.

The GTA project is an ambitious initiative to transform Mauritania and Senegal into global hubs for the production of liquefied natural gas (LNG). The first phase of the project, which is being developed by BP in partnership with Kosmos Energy, PETROSEN and SMH, is expected to produce around 2.3 million tonnes of LNG per year. With production expected to last over 20 years, the GTA project represents a significant strategic opportunity for the region.

The FLNG vessel Gimi arrived at the project site in February 2024, marking a crucial milestone in the development of GTA Phase 1. As a floating natural gas liquefaction unit, the Gimi plays a central role in on-site LNG processing and production.

L’accord de réinitialisation entre Golar LNG, propriétaire et exploitant du Gimi, et BP vise à simplifier les flux de trésorerie contractuels et à résoudre les litiges antérieurs liés aux mécanismes de paiement pour les opérations pré-commerciales.

- Daily payment schedule: A new daily payment schedule has been agreed, including escalation mechanisms based on project milestones up to the commercial operations start date (COD). These payments are guaranteed by strict deadlines.

– Paiements forfaitaires : L’accord prévoit également des paiements forfaitaires supplémentaires pour Golar LNG, soumis à la réalisation de certains jalons du projet. Ces flux de trésorerie pré-COD seront différés et amortis sur les 20 ans du contrat à partir de la COD.

This agreement puts an end to ongoing disputes, including the current arbitration process, and redirects the parties towards achieving COD. To accelerate this deadline, it has been decided to start commissioning the Gimi FLNG with LNG loading before gas from the floating production, storage and offloading (FPSO) unit becomes available. The FPSO, after construction at the COSCO Qidong shipyard in China, arrived on site in June 2024.

L’accord de réinitialisation entre BP et Golar LNG est une étape stratégique qui assure la continuité et la stabilité du projet LNG Greater Tortue Ahmeyim. En simplifiant les flux de trésorerie et en résolvant les litiges antérieurs, les partenaires se concentrent désormais sur la mise en service rapide du Gimi FLNG, consolidant ainsi les bases d’un avenir énergétique prospère pour la Mauritanie et le Sénégal.