The Ministry of Mines and Hydrocarbons of Equatorial Guinea, Ophir, OneLNG and La Compania Nacional De Petroleos De Guinea Ecuatorial (GEPetrol) have selected Gunvor as their preferred LNG buyer for offtake from the Fortuna FLNG project.
Gunvor is committed to taking the full contract capacity of the Gandria FLNG vessel of 2.2 Mt/year, which will be purchased on a Brent-linked, Free on Board (FOB) basis for a 10-year term. The contract structure allows flexibility for up to 1.1 Mt/year of the Fortuna capacity to be marketed on an alternate basis, enabling Equatorial Guinea and Fortunal LNG partners to benefit from higher price opportunities.
The Fortuna gas liquefaction project in Equatorial Guinea is developed Ophir Energy (33.8%) and OneLNGSM, a joint venture between subsidiaries of Golar LNG and Schlumberger. With the offtake agreement secured, the last milestone prior to final investment decision (FID) is the completion of project funding (investment estimated at US$2bn). The FID is expected before the end of 2017.
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