Ophir Energy, in cooperation with its partners in the Fortuna FLNG project, decided to prioritise one of the alternative funding solutions, with an Asian bank funding up to $1.2bn, on similar commercial terms to those agreed earlier this year with the group of three Chinese banks.
This development is an update on the status of the Fortuna FLNG project, in Equatorial Guinea.
The discussions are at an advanced stage and whilst significant progress was made, however because of the limited time, has not been yet agreed. The discussions will continue into the New Year.
After receiving confirmation of the financing, the Project will proceed to a Final Investment Decision.
Furthermore, Ophir is collaborating with OneLNG to confirm an immediate start to Fortuna Project.
Nick Cooper, Chief Executive of Ophir, noted: “We are now focusing our efforts on closing out the prioritised solution and remain confident of commencing the Fortuna project in early 2018.”
The Fortuna FLNG Project is Africa’s first deepwater FLNG project, with its production having started in 2017 and its first gas expected in mid-2020.