Ophir: Block R FLNG development moves forward

Ophir Energy signed an amendment to the Block R PSC that establishes gas fiscal terms within the PSC and a fiscal framework for the FLNG project.

The amendment has been agreed in Malabo by the Ministry of Mines, Industry and Energy, Ophir Equatorial Guinea Block R, and GEPetrol.

The agreed terms provide a robust, transparent financial framework in which Ophir, GEPetrol and the Government of Equatorial Guinea, can work together to develop the Fortuna floating LNG project, Ophir said in a statement.

The total estimated mean recoverable resources of Block R, including the discoveries and adjacent de-risked volumes, are 3.4TCF. These resources will be developed through a four-phase development of the assets that will commence with the development of the Fortuna Field.

The next milestone in the Block R FLNG development will be the appointment of the midstream partners, this is expected to occur in November, and the commencement of Upstream FEED is planned in early 2015. FID is expected in 2016 and first gas in 2019, Ophir added.

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Press Release; Image: Ophir Energy