SCHLUMBERGER DROPS FORTUNA FLNG PROJECT
Ophir noted the announcement by Golar LNG Partners’ regarding the dissolution of its OneLNG joint venture with Schlumberger, the world’s largest oilfield service company ending its participation in the Fortuna FLNG project in Equatorial Guinea. Whilst it is disappointing that Schlumberger will no longer be part of the partnership group, Golar and Ophir remain actively engaged in senior level discussions with a number of counterparties over a financing solution for the project.
Furthermore, as part of Ophir’s contingency planning for the project, Ophir has already held informal discussions with other, well-capitalised, potential partners for our Fortuna project.
Ophir remains focused on maximising value creation for shareholders from the monetisation of the Fortuna discovery.
In November 2016, Ophir signed a Shareholders Agreement with OneLNG, a joint venture Golar LNG Limited and Schlumberger, to establish a Joint Operating Company which will develop, finance and operate the Fortuna project, in Block R, offshore Equatorial Guinea utilising Golar’s FLNG technology.
Golar LNG said that the decision was influenced by the inability of the Fortuna FLNG project leader Ophir and OneLNG to finalize a debt financing package, as well as other capital and resource priorities.
Fortuna sits within the Block R licence, offshore Equatorial Guinea which is located in the south-eastern part of the prolific Niger Delta complex. Ophir holds 80% operated interests , GEPetrol 20%. (Source: Ophir)