Fortuna FLNG takes another step forward

Image courtesy of Ophir Energy

London-based Ophir Energy on Wednesday said its Fortuna FLNG project in Equatorial Guinea has made another move toward a final investment decision with the award of the midstream construction contracts.

LNG shipper Golar LNG has executed amended and novated deals for conversion of the 126,000-cbm LNG carrier Gandria to a floating liquefaction facility (FLNG).

The primary contract for the FLNG Gandria was entered into with Singapore’s Keppel Shipyard Limited.

Black & Veatch will provide its PRICO technology, perform detailed engineering and process design, specify and procure topside equipment, and provide commissioning support for the FLNG topsides and liquefaction process, Ophir said in its statement.

Golar LNG is a partner in OneLNG, a joint venture between Schlumberger and the LNG shipping company. Ophir and One LNG signed a deal back in November to form a joint operating company to develop the Fortuna FLNG project.

The Gandria vessel will be acquired by the Fortuna operating company upon reaching the planned final investment decision in mid-2017, the statement reads.

The Republic of Equatorial Guinea has the right to acquire up to 30% of the vessel.

Ophir noted in the statement that the award of the midstream EPC contracts completes another milestone required for investment decision, following the recent signing of the umbrella agreement.

At this point three external milestones remain: the award of the Upstream EPCIC contracts, the completion of the debt facility and the award of LNG offtake. 

According to Ophir, the award of the EPCIC contract is on schedule while term sheets have been agreed with a consortium of China-based lenders. The counter-parties to the financing have now entered into final documentation stage, it said.

As per the LNG offtake, the Fortuna partners will determine in May the structure and amount of the expected 2.5MMTPA to place under contract at FID.

An award of offtake will be made from the shortlist of “attractive proposals from high quality counterparties,” Ophir added.

 

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