Schlumberger eyes Fortuna FLNG interest

Ophir Energy, an independent oil and gas company, and Schlumberger, the world’s largest oilfield services provider, have entered into a non-binding Heads of Terms Agreement whereby Schlumberger will get a 40% economic interest in the Fortuna FLNG project, offshore Equatorial Guinea. 

Fortuna sits within the Block R licence, offshore Equatorial Guinea, which is located in the south-eastern part of the Niger Delta complex. Ophir holds an 80% operated interest in Block R and GEPetrol holds 20% interest.

According to Ophir’s statement on Monday, the duo will now work towards signing a definitive agreement, which is expected to be signed in 2Q 2016, ahead of Final Investment Decision. Under the definitive agreement, Schlumberger will reimburse 50% of Ophir’s past costs in the form of a development carried interest. This is expected to cover Ophir’s share of capital expenditures up until first sales of LNG, Ophir said.

Ophir reminded it is also presently shortlisting the gas off-take offers and expects to complete this process within the coming weeks. All workstreams are progressing in line with expectations and the project remains on track to achieve FID in mid-2016, the oil and gas company noted.

Mercedes Eworo Milam, Director General of Hydrocarbons in the Equatorial Guinea Ministry of Mines, Industry and Energy (MMIE), commented: “MMIE continues to lend full support to Ophir, GEPetrol and Sonagas as it progresses the Fortuna FLNG project towards FID.”

To remind, last week an agreement was signed between Golar and Schlumberger to jointly develop gas reserves through FLNG technology.

According to Ophir, subject to a successful FID and implementation of the partnership in the Fortuna project both Schlumberger and Golar have expressed interest to extend this partnership to include other existing or potential new Ophir assets in the future.

Share this article

Follow Offshore Energy Today

Events>

<< Jan 2020 >>
MTWTFSS
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 29 30 31 1 2

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply