Ophir Holdings & Ventures, a wholly owned subsidiary of Ophir Energy, and OneLNG, a joint venture between subsidiaries of Golar LNG and Schlumberger, announce that they have signed a binding shareholders’ agreement to establish a joint operating company to develop the Fortuna project, in Block R, offshore Equatorial Guinea utilising Golar’s FLNG technology.
OneLNG and Ophir will have 66.2% and 33.8% ownership of the company respectively.
First gas is anticipated in the first half of 2020. Initial offtake is expected to be 2.2-2.5m tonnes per annum for a duration of between 15 and 20 years which will monetise around 2.6trn cu ft of the discovered resource.
The expected total capital expenditure for the integrated project is approximately $2bn to reach first gas. Approximately $1.2bn is expected to be debt financed, with full drawdown by the start of commercial operations.