Ophir agrees on terms for offshore Equatorial Guinea FLNG

Offshore staff

MALABO, Equatorial Guinea – Ophir Energy has signed an amendment to its production-sharing contract (PSC) for block R offshore Equatorial Guinea.

This establishes gas fiscal terms within the PSC and a fiscal framework for Ophir and GE Petrol’s proposed Fortuna floating liquefied natural gas (FLNG) project.

Ophir estimates recoverable resources in the block at 3.4 tcf (96 bcm). It plans a four-phase development starting with theFortuna field.

The next milestone will be the appointment of midstream partners, expected later in November, followed by the start of upstream front-end engineering and design early next year. Ophir anticipates a final investment decision in 2016 followed by first gas in 2019.

11/04/2014