Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Asian bank to provide $1.2bn funding for Fortuna FLNG project

    Asian bank to provide $1.2bn funding for Fortuna FLNG project

    December 24, 2017
    Share
    Facebook Twitter LinkedIn WhatsApp
    Ophir Energy

    24 December 2017, Lagos – An unnamed Asian bank will provide funding of up to $1.2 billion for the Fortuna FLNG project off Equatorial Guinea.

    London-based Ophir Energy expects to take a Final Investment Decision, FID, for the project, once an agreement with the Asian bank has been confirmed.

    Fortuna is located in Block R license, offshore Equatorial Guinea which is located in the south-eastern part of the prolific Niger Delta complex. Ophir has an 80% operated interest in the license and GEPetrol holds the remaining 20%.

    Amid slow progress with securing the finances for the project, Ophir in late November agreed a 12-month extension to the Block R license to the end of December 2018, pushing the FID to the first quarter of 2018.

    On December 18 Ophir said it has decided to prioritise one of the alternative funding solutions that would see an unnamed Asian bank provide funding of up to $1.2 billion, on similar commercial terms to those agreed earlier this year with the group of three 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,” the company said.

    The discussions are now continuing into the New Year and, upon confirmation of the financing, the project will proceed to the Final Investment Decision, the company stated.

    Furthermore, Ophir is collaborating with OneLNG to confirm a prompt start to Fortuna Project.

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

    Related News

    ADNOC Gas takes FID and awards $5b contracts for RGD project

    ‘Shell’s decision on Phase 2 of LNG Canada will depend on other opportunities’

    Nigeria loses N710bn to gas flaring in four months

    E-book
    Resilience Exhibition

    Latest News

    China solar industry to address overcapacity challenge but turnaround far off, experts say

    June 14, 2025

    US EPA proposes higher biofuel blending volumes through 2027

    June 14, 2025

    Egypt halts fertilizer production as Israeli gas disruptions deepen energy strain

    June 14, 2025

    IPPG commends NUPRC’S regulatory reforms 

    June 14, 2025

    NOSDRA inaugurates Technical Committee on application of Capping Stack for oil spill containment

    June 14, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.