by Andreas Exarheas
Wednesday, March 07, 2018
Ophir Energy confirms that the Fortuna project, located offshore Equatorial Guinea, could produce first gas by early 2022.
Ophir Energy, the independent upstream oil and gas company focused on Asia and Africa, confirmed Wednesday that the Fortuna project, located offshore Equatorial Guinea, could produce first gas by early 2022.
The company has not yet achieved the final investment decision (FID) for the project, but Ophir CEO Nick Cooper revealed in the company’s latest results update that delivering the Fortuna FID was a priority for 2018.
“We are disappointed to have not yet achieved the Fortuna project FID despite having made significant progress on the project,” Cooper said in a company statement.
Although Ophir conceded that the completion of project financing on the Fortuna project has taken ‘longer than expected’, a number of Fortuna milestones were achieved in 2017, such as the award of upstream and midstream construction contracts and the nomination of a preferred supplier for LNG offtake.
In a brief research note sent to Rigzone, oil and gas analysts at GMP FirstEnergy said the project’s projected 2022 start-up date was not unexpected given financing has not been agreed.
“2022 is already close to what we carry,” GMP analysts stated in the note.
Ophir’s revenue increased by 76 percent in 2017 to $189 million. The company reduced its headcount at its London head office, as well as its number of expatriate employees, last year.
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