Ophir Energy, the developer of the Fortuna gas liquefaction project in Equatorial Guinea, has finally signed a binding Shareholders’ Agreement with OneLNGSM, a joint venture between subsidiaries of Golar LNG and Schlumberger, to set up a Joint Operating Company (JOC) to develop the Fortuna LNG project offshore Equatorial Guinea.
OneLNG will hold a 66.2% in the JOC and Ophir LNG will own the remaining 33.8%. The JOC will facilitate the financing, construction, development and operation of the integrated Fortuna project and, from Final Investment Decision (FID, expected in the first half of 2017), will own Ophir’s share of the Block R licence and the Gandria FLNG vessel. The US$2bn liquefaction project is anticipated to start production in the first half of 2016. It should produce 2.2-2.5 Mt/year of LNG.
In January 2016, Ophir Energy and Schlumberger signed a non-binding Heads of Terms Agreement, whereby Schlumberger would, subject to due diligence, definitive documentation and Government approval, receive a 40% interest in the Fortuna FLNG project. Schlumberger satisfactorily completed its technical due diligence but the companies failed to complete the transaction on the terms agreed in the Heads of Terms. Discussions were terminated in May 2016 but resumed in the second half of 2016.
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