Tuesday, May 2, 2017

Equatorial Guinea Expands Energy Opportunities, Establishes First Deepwater FLNG Project

The Republic of Equatorial Guinea has expanded its energy opportunities and established the country’s first deep-water floating liquefied natural gas (FLNG) plan, the Fortuna FLNG project.

Equatorial Guinea signed the detailed Umbrella Agreement that established full legal and fiscal framework for the project, along with Ophir Holdings and Ventures Ltd, OneLNG SA, and La Compañia Nacional de Petróleos de Guinea Ecuatorial.

The government of Equatorial Guinea is aligned throughout the project value chain from upstream to LNG marketing.

The President of the Republic of Equatorial Guinea, Obiang Nguema Mbasogo, said, “"This agreement is in line with the government's objective to deliver important projects that monetizes our gas, promotes local content and brings world-class petroleum technology to Equatorial Guinea. It also has brought us one crucial step closer to realizing the historic Fortuna FLNG project. The participation of Equatorial Guinea's national companies was critical to Fortuna's success and to maximizing the project's value at every level of the gas supply chain. The Fortuna Project targets becoming the first-choice supplier of LNG for the Gulf of Guinea region."

The remaining milestones for the project, the construction contract awards, the finalization of debt, and the LNG offtake, are on schedule to be completed in 2018.