Ophir to Sell Stake in Fortuna FLNG Project

Ophir Energy has announced a preliminary agreement with Schlumberger for stake sale in Fortuna FLNG project, Equatorial Guinea.

Schlumberger will receive 40 percent stake in the project subject to due diligence, definitive documentation and government approval.

“Ophir and Schlumberger will now work towards signing a definitive agreement, which is expected to be signed in 2Q 2016, ahead of Final Investment Decision.  Under the definitive agreement Schlumberger will reimburse 50 percent of Ophir’s past costs in the form of a development carried interest.  This is expected to cover Ophir’s share of capital expenditures up until first sales of LNG,” Ophir said.

Ophir is also presently shortlisting the gas off-take offers and expects to complete this process within the coming weeks.

On the 22nd January 2016 an agreement was signed between Golar and Schlumberger to jointly develop gas reserves through FLNG technology. Subject to a successful FID and implementation of the partnership in the Fortuna project both Schlumberger and Golar have expressed interest to extend this partnership to include other existing or potential new Ophir assets in the future.