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Tuesday, May 30, 2017
Equatorial Guinea’s Ministry of Mines and Hydrocarbons entered into a binding agreement with OneLNG SA to explore the liquefaction and commercialization of natural gas in offshore blocks O and I. OneLNG will commit funding to explore the technical and commercial feasibility of a floating liquefied natural gas project.
OneLNG is a JV between Golar LNG and Schlumberger formed to rapidly develop gas reserves into LNG.
The agreement commits the government of Equatorial Guinea and OneLNG to find a binding commercial and technical structure for an agreement on a second FLNG project with an end 2017 target date.
OneLNG, along with Ophir Energy, is part of the joint operating company that is developing the $2 billion Fortuna FLNG project in offshore Equatorial Guinea.
Fortuna FLNG will be Africa’s first deepwater FLNG project.
The government of Equatorial Guinea is a stakeholder in production sharing contracts in blocks O and I through its national oil company, GEPetrol, which is an indirect participant in the development of the liquids-rich gas and condensate fields Alen, Diega, Aseng and Yolanda.
“This agreement is a crucial step to monetizing these offshore natural gas reserves and expanding Equatorial Guinea’s sizeable role as a global gas exporter while developing a domestic component,” said Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons of Equatorial Guinea. “Equatorial Guinea is an African pioneer in deepwater FLNG projects and OneLNG has been a vital partner in those efforts. We stand ready to work with OneLNG to provide the right incentives to make this project work.”
“OneLNG looks forward to again collaborating with the Republic of Equatorial Guinea on an innovative project,” said Jeff Goodrich, CEO of OneLNG SA. “This further cements the strong relationship we have built in executing the Fortuna Project.”
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