Ophir close to LNG deals for Fortuna offshore Equatorial Guinea

Offshore staff

LONDONOphir Energy has finalized commercial terms for its Fortuna floating LNG (FLNG) project offshore Equatorial Guinea and is in the process of signing heads of agreement (HoAs) for LNG offtake with a group of counterparties.

All are globally established LNG buyers.

The offtake contracts provide the flexibility to deliver the gas to either the Atlantic or Pacific basin. Total requested demand under the HoAs has substantially exceeded the available offtake from the project.

Ophir expects all to be signed by the end of November. A further shortlisting process will then follow to select one, two, or three LNG buyers for signing of full sales and purchase agreements (SPAs) during 1Q 2016. This timing is in line with the planned project final investment decision in mid-2016.

Consultant ERC Equipoise has increased its estimate of the contingent resource on Ophir’s offshore block R from 2.6 tcf to 3 tcf, with an additional 0.8 tcf of low risk prospective resource included in the base case planning for Fortuna FLNG.

In addition, there is a further 0.3 tcf of contingent resources in the base case connected to compression later in field life.


Share your news with Offshore at news@offshore-mag.com

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...