First gas from Ophir’s Fortuna FLNG delayed

MALABO, March 8, 2018 – The Fortuna FLNG project offshore Equatorial Guinea is not expected to start producing gas until 2022, operator Ophir Energy said in a full-year statement released Wednesday.

As Ophir faces financial struggles, the company has had to put off a final investment decision (FID) for the project, which it is developing in partnership with NOC GEPetrol.

“2017 saw Ophir take important steps to adapt and right-size the business, meet key operational targets and replenish our exploration portfolio. Nevertheless, we are disappointed to have not yet achieved the Fortuna project FID despite having made significant progress on the project,” CEO Nick Cooper said in the statement. “The rebalancing of our portfolio and our capex prioritisation away from its prior primary exploration focus has seen Ophir approach sustainability.”

Cooper also said that delivering the Fortuna FID was among the company’s three top priorities for 2018, along with increasing production and cashflow, and monetising contingent resources.

The company statement further highlighted the progress that was made on the project in 2017, including finding an LNG offtaker and granting several construction contracts.

Located in Block R, the Fortuna FLNG project aims to produce 2.2 million-2.5 million tpy of LNG. Before pushing back the expected date for first gas, Ophir has planned on starting up in H2 2020.

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