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OneLNG advised by Shearman & Sterling

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LNG Industry,

Shearman & Sterling has announced that it recently advised OneLNG regarding the agreement to establish a joint venture (JV) with a wholly-owned subsidiary of Ophir Energy plc to facilitate the development, financing and operation of the Fortuna FLNG Project, offshore Equatorial Guinea.

Once a final investment decision (FID) has been made, OneLNG and Ophir will own 66.2% and 33.8% of the JV company respectively. The JV will own Ophir’s share of the Block R licence and the Gandria floating LNG (FLNG) vessel. A FID is conditional upon debt financing and approvals by the shareholders of Ophir Energy plc and the government of Equatorial Guinea.

The Shearman & Sterling team, led by partner Anthony Patten and associate Anthony Lepere, has worked on all aspects of the Fortuna FLNG Project since March 2015.

A FID for the Fortuna FLNG Project is expected to take place in 1H17 with first gas anticipated in 1H20. Initial offtake is expected to be 2.2 - 2.5 million tpy for a duration of between 15 and 20 years. The expected total capital expenditure for the integrated project is approximately US$2 billion to reach first gas. Approximately US$1.2 billion is expected to be debt financed.

OneLNG is a JV to rapidly develop natural gas reserves to LNG that combines Schlumberger's reservoir knowledge, wellbore technologies and production management capabilities with Golar's low-cost floating LNG solution.

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