LNG

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.”

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, the minority stakeholder in the Fortuna floating LNG export venture proposed for offshore the West African state of Equatorial Guinea, said funding discussions with banks were continuing and its own financial footing was sound ahead of a final investment decision.

Ophir Energy, the UK exploration and production company with assets in Africa and Asia, said it awarded the upstream contract for the Fortuna floating LNG project offshore Equatorial Guinea to a joint venture comprising a subsidiary of oil and gas services firm Schlumberger and UK-based company Subsea 7.

The Equatorial Guinea floating LNG project owners said the 2.2 million tonnes per annum of offtake volumes from the West African joint venture has gone to global commodities firm Gunvor as the preferred buyer.

July 12 (LNGJ) - Ophir Energy of the UK said it was prioritising the Fortuna Floating LNG project offshore Equatorial Guinea even as it further reduced the company’s underlying cost base in recognition of limited signs of an oil price recovery and lower exploration activity. “Ophir’s discretionary spend will be paced to preserve balance sheet capacity, thereby prioritising the Fortuna FLNG project and the expansion of Ophir’s Asian producing assets,” the company said. Nick Cooper, Chief Executive of Ophir, commented: “We are closing in on the Fortuna Project final investment decision to start the monetisation of a substantial portion of Ophir’s resource base.”

Ophir Energy of the UK, the licence holder for the Fortuna floating LNG project in Equatorial Guinea, said a full legal and fiscal framework agreement has been signed by all parties, signalling the go-ahead for the venture offshore West Africa with Chinese-sourced loans.

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 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.