Petroleum Africa
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Sunday, November 13, 2016
Ophir Energy subsidiary, Ophir Holdings & Ventures Ltd., and OneLNGSM have signed a binding shareholders’ agreement to establish a JOC to develop the Fortuna project on Equatorial Guinea’s Block R. The Fortuna will be developed using Golar’s FLNG technology.
OneLNGSM is a JV between subsidiaries of Golar LNG and Schlumberger.
OneLNG and Ophir will have 66.2% and 33.8% ownership of the JOC respectively. The JOC will facilitate the financing, construction, development and operation of the integrated Fortuna project and, from final investment decision (FID), will own Ophir’s share of the Block R license and the Gandria FLNG vessel.
According to Ophir, this innovative structure aligns investment across the value chain and provides a framework to promptly deliver a fully financed project.
The shareholders’ agreement and FID are subject to, among other things, an agreement of final terms and execution of documentation for the project debt financing, approval by the shareholders of Ophir Energy, and approval by the government of Equatorial Guinea.
Ophir expects the FID to take place in H1 2017 with first gas anticipated in H1 2020. Initial offtake is expected to be 2.2-2.5 mtpa for a duration of between 15 and 20 years which will monetize around 2.6 Tcf of the discovered resource.
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