OneLNG, the joint venture of Schlumberger and Golar LNG, has signed a binding Memorandum of Understanding (MoU) with the Ministry of Mines and Hydrocarbons of Equatorial Guinea to explore the liquefaction and commercialisation of gas from the Blocks O and I offshore Malabo. The commercial solution is to include the provision of a floating LNG (FLNG) vessel, associated infrastructure and the creation of an LNG sales vehicle. The parties will seek to reach definitive agreements to proceed by December 2017 but no later than December 2018. In addition to this, OneLNG is also working on 3-4 additional projects, each involving one or more FLNG unit.
In November 2016, OneLNG signed a binding Shareholders’ Agreement with Ophir Energy to set up a Joint Operating Company (JOC) to develop the Fortuna LNG project. OneLNG will hold a 66.2% in the JOC and Ophir LNG will own the remaining 33.8%. The US$2bn liquefaction project is anticipated to start production in 2020 and should produce 2.2 Mt/year of LNG, tapping the 2.6 Tcf (73 bcm) Fortuna gas reserves. A detailed umbrella agreement with Ophir Energy, GEPetrol and Equatorial Guinea defining the development of the Fortuna gas reserves was signed in early May 2017.