Schlumberger quits OneLNG JV and Fortuna FLNG project

Liquefied natural gas shipper, Golar LNG said its OneLNG partner Schlumberger decided to end involvement in Fortuna FLNG project in Equatorial Guinea, resulting in the dissolution of the joint venture. 

In its quarterly report, Golar LNG said that the decision was influenced by the inability of the Fortuna FLNG project leader Ophir and OneLNG to finalize a debt financing package, as well as other capital and resource priorities.

Golar and Schlumberger, as a result of this, and based on the structure of the BP project, plan to wind down OneLNG and work on FLNG projects as required on a case-by-case basis.

Ophir Energy added that Golar and Ophir remain actively engaged in senior level discussions with a number of counterparties over a financing solution for the project.

The company has already held informal discussions with other, well-capitalized, potential partners for the Fortuna project.

“Following the announcement re. OneLNG we have now formalized discussions and are actively moving forward with them,” Ophir said.