Shearman & Sterling advises OneLNG on JV deal with Ophir

New York headquartered law firm Shearman & Sterling advised OneLNG on its agreement to establish a joint operating company with Ophir Energy to develop the Fortuna FLNG project off Equatorial Guinea. 

The law firm said in its statement on Wednesday it has worked on all aspects of the project since March 2015.

Once a final investment decision has been made, OneLNG and Ophir will own 66.2 percent and 33.8 percent of the joint venture company respectively, and the joint venture company will own Ophir’s share of the Block R license and the Gandria FLNG vessel.

The final investment decision, expected in the first half of 2017, is contingent upon debt financing and approvals by the shareholders of Ophir Energy and the government of Equatorial Guinea, among other things.

OneLNG is a joint venture created in July by Golar LNG, one of the world’s largest owners and operators of LNG carriers, and oilfield services giant, Schlumberger, to “rapidly develop low-cost gas reserves” to LNG.

LNG World News Staff