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Equity Method Investments | 6 Months Ended
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Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Equity method investments | EQUITY METHOD INVESTMENTS
| Six months ended June 30,
(in thousands of $) | 2024 | 2023
Share of net losses of Avenir LNG Limited (“Avenir”) | (2,503) |  | (2,879) |
Share of net income of CoolCo | — |  | 1,491 |
Share of net income of other equity method investments | 682 |  | 269 |
(Loss)/gain on disposal (1) | (518) |  | 823 |
Net losses from equity method investments | (2,339) |  | (296) |
The carrying values of our equity method investments as of June 30, 2024 and December 31, 2023 are as follows:
(in thousands of $) | June 30, 2024 | December 31, 2023
Avenir | 34,152 |  | 35,729 |
Logística e Distribuição de Gás S.A. (“LOGAS”) | 8,340 |  | 9,261 |
Egyptian Company for Gas Services S.A.E (“ECGS”) | 5,509 |  | 5,237 |
Aqualung Carbon Capture AS (“Aqualung”) | 2,152 |  | 2,244 |
MGAS Comercializadora de Gás Natural Ltda. (“MGAS”) (2) | — |  | 1,511 |
Equity method investments | 50,153 |  | 53,982 |
(1) In March 2023, we sold 4.5 million of our CoolCo shares at NOK 130/$12.60 per share for net consideration of $56.1 million, inclusive of $0.1 million fees. As of June 30, 2024, following the sale of our CoolCo shares, we retain one common share in CoolCo which is required by debt covenants relating to the guarantees we continue to provide CoolCo. The gain on disposal of $0.8 million is included in the unaudited consolidated statement of operations line-item “Net income/(losses) from equity method investments.” (2) In May 2024, Macaw Energies Brasil Servicos de Gás Natural Ltda, our wholly owned subsidiary, completed the disposal of its 51% equity interest in MGAS for a consideration of $0.8 million (BRL4.25 million). The loss on disposal of $0.5 million is included in the unaudited consolidated statement of operations line-item “Net income/(losses) from equity method investments.”

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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