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Ophir claims Fortuna FLNG can proceed without partners

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LNG Industry,

According to Reuters, a senior executive at Ophir Energy has revealed that the company is able to proceed with its Fortuna floating LNG (FLNG) project with or without partners, due to the fact that the cost estimates have halved to approximately US$450 million.

The project will be located offshore Equatorial Guinea, but is still awaiting a final investment decision (FID).

The senior executive – Oliver Quinn, Ophir’s director of new business – reportedly said that the company’s equity limit was US$150 million because it did not wish to overexpose its balance sheet to the project. He added that the government of Equatorial Guinea would invest up to US$90 million in the venture, and that the rest of the money could come from a partner, debt or loans as part of the gas sales agreement.

In June 2016, Schlumberger withdrew from the project and, in September, Ophir had reportedly devised a list of four possible project partners. Nevertheless, Quinn now says that Ophir can proceed without partners due to low oil and gas prices, which have forced service providers into cutting their costs.

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