Gunvor Awarded Fortuna FLNG Offtake
The Ministry of Mines and Hydrocarbons (MMH), Ophir Equatorial Guinea (Block R) Ltd, OneLNG SA and La Compania Nacional De Petroleos De Guinea Ecuatorial (GEPetrol) have nominated Gunvor Group Ltd (Gunvor) as its preferred LNG Buyer for offtake from the Fortuna FLNG project. All parties have agreed the principal commercial terms subject to finalizing a Sale and Purchase Agreement (SPA) for the offtake ahead of the Final Investment Decision (FID) on the Fortuna FLNG project. Gunvor will take the full contract capacity of the Gandria FLNG vessel of 2.2 MMTPA which will be purchased on a Brent-linked…
Ophir inks JV with Schlumberger for Equatorial Guinea project
British oil and gas explorer Ophir Energy Plc said it had signed an agreement with OneLNGSM, a joint venture between units of Golar LNG Ltd and Schlumberger, to develop the Fortuna project in Equatorial Guinea. Shares in the company rose as much as 13.8 percent, before trading at 77.75 pence at 0956 GMT on the London Stock Exchange on Thursday. Ophir said earlier this month that it could go forward without new partners for the Fortuna floating liquefied natural gas project as the cost estimates had halved to around $450 million. Schlumberger had walked away from the deal in June.
Ophir, OneLNG JV to develop Fortuna FLNG Project
Ophir Holdings & Ventures LTD ("Ophir"), a wholly owned subsidiary of Ophir Energy plc, and OneLNGSM, a joint venture between subsidiaries of Golar LNG Limited and Schlumberger, announce that they have signed a binding Shareholders' Agreement to establish a Joint Operating Company ("JOC") to develop the Fortuna project, in Block R, offshore Equatorial Guinea utilising Golar's FLNG technology. OneLNG and Ophir will have 66.2% and 33.8% ownership of the JOC respectively (with economic entitlements materially consistent with the equity interest in the JOC).
Golar Appointed as Midstream Partner for Fortuna FLNG Project
Golar LNG has signed a binding Heads of Terms with Ophir Energy Plc for the provision of the GoFLNG vessel Gimi. The Heads of Terms has been approved by Ophir's Equatorial Guinea, Block-R upstream partner GEPetrol, and will be formally ratified by GEPetrol next week. The agreement will be structured as a 20-year tolling contract, commencing commercial operations in the first half of 2019. Block R's 2.5 tcf of high purity 2P gas resources, situated in an area of benign sea states, are suited for the application of Golar's GoFLNG technology.
Golar Appointed Midstream Partner for Fortuna FLNG Project
Golar LNG has signed a binding Heads of Terms with Ophir Energy Plc ("Ophir") for the provision of the GoFLNG vessel Gimi. The Heads of Terms has been approved by Ophir's Equatorial Guinea, Block-R upstream partner GEPetrol, and will be formally ratified by GEPetrol next week. The agreement will be structured as a 20-year tolling contract, commencing commercial operations in the first half of 2019. Block R's 2.5 tcf of high purity 2P gas resources, situated in an area of benign sea states, are ideally suited for the application of Golar's GoFLNG technology.
Spike Seen in African Offshore Disputes, Oil Companies Watching
African maritime boundary disputes are expected to rise dramatically, potentially curbing exploration and creating uncertainty in ownership over tens of billions of barrels of oil, industry experts say. A lack of maritime boundary agreements, which has not kept pace as more oil companies moved offshore into deeper waters, has seen many African nations struggling to enforce their sovereign rights under the 1982 Law of Sea treaty. In the past four months, two matters involving Kenya and Somalia and, more recently…
Ophir Makes Equatorial Guinea Gas Find
Ophir Energy plc announced that the Silenus East-1 well in Block R, Equatorial Guinea has resulted in a new gas discovery. The Silenus East-1 well was drilled by the Vantage Titanium Explorer drillship within the thrust belt area of Block R. A 67m gross gas column was encountered in the primary target with high quality reservoir in line with pre-drill expectations. The well was deepened to test a secondary high risk oil target and encountered high quality, but water-wet, reservoirs with weak oil shows. This play remains of interest to Ophir and will be further evaluated on the Block.
