Ophir prioritizes Fortuna FLNG alternative funding

Ophir Energy, together with its Fortuna FLNG project partners, has decided to prioritize an alternative funding solution with an Asian bank for up to $1.2 billion on similar terms to those agreed with the group of Chinese banks. 

“These discussions are at an advanced stage and whilst significant progress was made towards closing out the financing in December, it has not proven possible in the limited time available,” Ophir said in a filing to the stock exchange on Monday.

These discussions are now continuing into the new year, and upon confirmation of the financing, the project will proceed to a final investment decision (FID).

Furthermore, Ophir is collaborating with OneLNG to confirm a prompt start to Fortuna project in Equatorial Guinea.

Nick Cooper, Ophir CEO, said, “We are now focusing our efforts on closing out the prioritized solution and remain confident of commencing the Fortuna project in early 2018.”

Based on the project’s current schedule, the first gas is expected in the second half of 2020. Initial offtake is expected to be 2.2-2.5 mtpa for a duration of between 15 and 20 years which will monetize around 2.6 Tcf of the discovered resource.