Equatorial Guinea FLNG project on track for FID in 2016

Ophir Energy’s floating liquefied natural gas (FLNG) project offshore Equatorial Guinea reached another milestone as the company awarded upstream front end engineering and design (FEED) to two consortia for the Fortuna FLNG.

The first consortium is made up of McDermott Construction Limited and GE Oil & Gas UK the other comprises of Subsea 7 and Alker Solutions. The two consortia are to submit their engineering, procure, construct, install and commission (EPCIC) at the end of the FEED to allow Ophir select one of the consortia for Final Investment Decision (FID).
The initiation of the process further reaffirms Ophir’s plan to reach FID by mid-2016 and first gas by 2019. The completion of the project will allow Equatorial Guinea lock in on long term contract to major LNG consumers. Equatorial Guinea sold a spot LNG cargo to Japan LNG in June at an average price of 7.44MMBtu lower than the 9.55MMBtu for term suppliers.

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