Fortuna FLNG partners seek $1.2 bln

MALABO, December 18, 2017 – The partners in the Fortuna FLNG project in Equatorial Guinea are seeking to raise up to USD 1.2 billion in funding through an Asian bank, Ophir Energy announced on Monday in a press release.

The company said that this approach to alternative funding would be prioritised and that “the discussions are at an advanced stage.” Ophir and its partner, state-owned GEPetrol, had hoped to complete the deal before the end of the year, but negotiations will continue into January.

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

The company also stated that it was working with OneLNG, a joint venture between oilfield services giant Schlumberger and GolarLNG, “to confirm a prompt start” of the project.

Located in offshore Block R, the Fortuna FLNG project aims to produce 2.2 million-2.5 million tpy of LNG, starting in H2 2020. Ophir holds an 80% operating stake in the project, while GEPetrol owns the remaining interest.

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