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Thursday, May 11, 2017
Ophir Energy is plowing ahead on its development of the natural gas resources discovered offshore Equatorial Guinea. Following the signing of the Umbrella Agreement for the Fortuna FLNG project in early May, another milestone was reached with the awarding of midstream construction contracts this week.
Golar LNG executed amended and novated agreements for the conversion of the 126,000 cubic meter LNG carrier Gandria to a FLNG vessel. The primary contract for the FLNG Gandria was entered into with Singapore’s Keppel Shipyard. Black & Veatch is providing its PRICO® technology, perform detailed engineering and process design, specify and procure topside equipment, and provide commissioning support for the FLNG topsides and liquefaction process.
The Gandria vessel will be acquired by the Fortuna Joint Operating Company upon reaching the planned FID in mid-2017. The government of Equatorial Guinea has the right to acquire up to 30% of the vessel.
The award of the Midstream EPC contracts completes another milestone required for FID. Partners still have three more external milestones to complete: the award of the upstream EPCIC contracts, the completion of the debt facility, and the award of LNG offtake.
According to Ophir progress is being made toward each of the above. The company said that the award of the EPCIC contract is on schedule. As regards to the debt facility, Ophir said that the term sheets have been agreed with a consortium of China-based lenders. The counter-parties to the financing have now entered into final documentation stage.
On the LNG offtake the Fortuna partners will determine this month the structure and amount of the expected 2.5 mmtpa to place under contract at FID. An award of offtake will be made from the shortlist of attractive proposals from high quality counterparties.
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