Ophir says Fortuna FLNG on schedule for FID in H1 2017

London-based Ophir Energy on Thursday said its Fortuna FLNG project in Equatorial Guinea is “firmly on schedule” for a final investment decision in the first half of this year.

Ophir and its partner, OneLNG, a joint venture between Golar LNG and Schlumberger, are “making good progress against all key milestones,” Ophir said.

Ophir and One LNG signed a deal back in November to form a joint operating company to develop the Fortuna FLNG project offshore Equatorial Guinea.

OneLNG will have 66.2 percent ownership in the JOC with Ophir holding the remaining 33.8 percent.

The total capital expenditure for the project is about $2 billion to reach first gas, which is expected in the first half of 2020.

Initial offtake is expected to be 2.2-2.5 mtpa for a duration of between 15 and 20 years which will monetise around 2.6 Tcf of the discovered resource offshore Equatorial Guinea, according to Ophir.

2017 capex

Ophir is planning to spend about $150-200 million in 2017.

The company said its capital expenditure for 2016 was about $170 million, at the high-end of previous guidance.

Ophir also started a refinancing of its debt facilities at the end of last year which should complete in in the second quarter of 2016.

“The group expects to finish 2017 with a net cash position of $75-100 million, and with the refinancing of the group’s debt facilities in 2017, a gross cash position of $350-400 million,” Ophir said.

LNG World News Staff