LNG

Ophir Energy, the UK company that planned a floating LNG export project offshore Equatorial Guinea, has been told by the West African nation that its exploration and production licence that underpinned the project has not been renewed.

Ophir Energy, the UK company based in London that was forced to suspend plans for LNG export projects in Equatorial Guinea and Tanzania, plans to move its head office to Asia and cut costs while awaiting the appointment of a new Chief Executive.

July 12 (LNGJ) - Ophir Energy, a stakeholder in the stalled Fortuna floating LNG project offshore Equatorial Guinea in West Africa, is still looking for a new CEO after the departure of Nick Cooper in May from the UK company. “Our search for a new CEO is making good progress and a number of highly experienced and qualified external candidates have been identified,” said Alan Booth, Interim CEO of Ophir. “The Board will of course provide further updates as and when appropriate,” he added. Booth said that since stepping into the role of interim CEO he had defined several goals, including to “explore every avenue to create value from our Fortuna FLNG project.”

Marathon Oil Corp. and its partners said they signed an agreement with the Government of Equatorial Guinea and third parties to establish the framework for processing natural gas volumes at the onshore liquefaction plant at Punta Europa on Bioko Island.

Ophir Energy Chief Executive Nick Cooper expressed regret that the UK exploration and production company had been unable to meet its schedule for a final investment decision on the Fortuna floating LNG project planned for offshore the West African state of Equatorial Guinea.

Ophir Energy of the UK, the leader of the Fortuna floating liquefied natural gas project offshore Equatorial Guinea, said intensive efforts were being made by all partners to achieve a final investment decision before the end of the fourth quarter of 2017.

Golar LNG, the fleet owner and project developer, posted more operating losses at just over $40 million in the first quarter of 2017 while advancing with floating LNG production ventures in West Africa where a second FLNG hull project for Equatorial Guinea is being proposed.

Ophir Energy of the UK said its Fortuna floating liquefied natural gas project offshore Equatorial Guinea in West Africa was now a low-cost upstream venture and technically ready for a final investment decision soon.

Ophir Energy, the UK company with plans to develop a floating liquefied natural gas production venture in West Africa, offshore Equatorial Guinea, said commercial production has started from its Kerendan gas field in Indonesia.

Ophir Energy of the UK said it progressed on all fronts on the Fortuna floating LNG project offshore the West African nation of Equatorial Guinea, even as it posted an annual loss of $376 million.