Gas venture targets Equatorial Guinea

Gas venture targets Equatorial Guinea

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

Related Posts