Ophir prioritizes Fortuna FLNG alternative funding

Ophir prioritizes Fortuna FLNG alternative funding
Image courtesy of Ophir Energy

Ophir Energy, together with its Fortuna FLNG project partners, has decided to prioritize an alternative funding solution with an Asian bank for up to $1.2 billion on similar terms to those agreed with the group of Chinese banks. 

“These discussions are at an advanced stage and whilst significant progress was made towards closing out the financing in December, it has not proven possible in the limited time available,” Ophir said in a filing to the stock exchange on Monday.

These discussions are now continuing into the new year, and upon confirmation of the financing, the project will proceed to a final investment decision (FID).

Furthermore, Ophir is collaborating with OneLNG to confirm a prompt start to Fortuna project in Equatorial Guinea.

Nick Cooper, Ophir CEO, said, “We are now focusing our efforts on closing out the prioritized solution and remain confident of commencing the Fortuna project in early 2018.”

Based on the project’s current schedule, the first gas is expected in the second half of 2020. Initial offtake is expected to be 2.2-2.5 mtpa for a duration of between 15 and 20 years which will monetize around 2.6 Tcf of the discovered resource.

Share this article

Follow LNG World News

Events>

<< Feb 2018 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 1 2 3 4

LNG Pricing, Trading & Risk Management: 3-Day Course

This three-day training program provides a unique opportunity to learn and apply the practical skills, knowledge and tools…

read more >

Asia Pacific Maritime and Offshore Exhibition 2018

7 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia…

read more >

CWC 2nd Papua New Guinea Petroleum & Energy Summit

The 2nd CWC Papua New Guinea Petroleum and Energy Summit is held under the patronage of the Prime Minister of Papua New Guinea…

read more >

CWC World LNG & Gas Series: 16th Americas Summit

Now in its 16th edition, the CWC World LNG & Gas Series: Americas Summit is the longest running LNG and gas event in the Americas region…

read more >