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Thursday, March 8, 2018
Equatorial Guinea’s Fortuna FLNG project will not be up and running in 2020 as originally planned. According to Ophir Energy in its annual results report, the start-up date has been pushed back two years to 2022.
“We are currently working on reaching the first LNG production in 2022,” the company said in its annual results.
This development is due to delays in making the FID. Originally scheduled to be taken in December 2017, it was postponed until Q1 2018. The company also saw the trio of Chinese lenders that would have been providing 60% of the funds need for financial closure of the project, withdraw recently.
While the news is a setback for both the company and Equatorial Guinea, the Fortuna LNG project did progress in other ways such as the appointment of Gunvor as Fortuna’s LNG off taker and the awarding of upstream construction contracts.
The company also announced that, in the meantime, it will invest in exploration of its recently acquired acreage in Mexico and Equatorial Guinea.
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