Ophir Energy delays Fortuna LNG project (Equatorial Guinea) to 2022

9 Mar 2018

Ophir Energy, the developer of the Fortuna gas liquefaction project in Equatorial Guinea, has decided to postpone the project commissioning from 2020 to 2022, due to backlogs in the final investment decision (FID) process. Originally scheduled to be taken in December 2017, the FID has been postponed until the first quarter of 2018. The three Chinese banks that should have provided 60% of the US$2bn required for the financial closure of the project have recently withdrawn.

The Fortuna LNG project in Equatorial Guinea is developed Ophir Energy (33.8%) and OneLNGSM, a joint venture between subsidiaries of Golar LNG and Schlumberger. It would consist of a floating LNG (FLNG) plant with a capacity of 2.2 Mt/year. With the offtake agreement secured, the last milestone prior to final investment decision (FID) is the completion of project funding (US$2bn).

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