Offshore Equatorial Guinea Fortuna FLNG project costs decreasing

Offshore staff

LONDON – Ophir Energy has signed heads of agreements for LNG offtake from the Fortuna FLNG project in block R offshore Equatorial Guinea with six counterparties.

All are established LNG buyers in European and Asian markets.

In addition, Ophir has revised its estimate of capex required to first gas from $800 million to $600 million, based on results from the current upstream front-end engineering and design, which is currently around 50% complete.

The project is benefiting from the deflationary cost environment and has been redesigned to increase standardization of components wherever possible.

Ophir has contracted Fugro to perform geotechnical, environmental, and metocean surveys for the Fortuna project. The Fugro Searcher, Fugro Scout, and Fugro Frontier vessels are working on the program, which is due to be completed in January.

12/10/2015

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