OneLNGSM, a joint venture between subsidiaries of Golar LNG and Schlumberger, and Ophir will have 66.2% and 33.8% stakes respectively in the JOC.
Located in the Block R, the Fortuna FLNG project involves development of the Fortuna field using a leased floating liquefaction storage and offloading (FLSO) vessel.
The project is estimated to cost about $2bn to reach first gas, which is expected in first quarter of 2020, Ophir said.
As part of the deal, the JOC will also be responsible for financing, construction, development and operation of the project, which will utilize Golar's floating LNG technology.
The JOC will also own Ophir's share of the Block R license and the Gandria FLNG vessel, which is under construction for the project.
Ophir CEO Nick Cooper said: “Formation of the Fortuna JOC provides the framework for FID and clear line of sight to first gas.
“Ophir’s committed future expenditure to first gas will not exceed $150m and certain other commercial exposures have been limited. We will now be able to advance the project while preserving our balance sheet strength.”
The project, for which final investment decision is scheduled in first half of 2017, represents the initial phase of the planned four-phased development of the fields discovered within Block R, offshore Equatorial Guinea.
OneLNG CEO Jeff Goodrich said: “OneLNG was formed to provide an integrated approach to operators to reduce risk and costs and accelerate the time to monetize stranded gas reserves, and thereby transforming the economic viability of such projects.”
Image: Ophir, OneLNG plan to focus on FLNG project offshore Equatorial Guinea. Photo: courtesy of Ophir Energy Plc/Flickr.
