Fortuna FLNG

The Fortuna FLNG is a game-changing project for Equatorial Guinea, and is set to become Africa’s first deepwater FLNG project after the partners cleared the way to reach final investment decision by mid-2017. The $2 billion FLNG project, spearheaded by OneLNG (66.2%) and Ophir Energy (33.8%) is on track for first gas in 2020. The partners in Fortuna created a joint operating company to develop the Upstream and Midstream project for deepwater gas in Equatorial Guinea’s offshore Block R in November 2016. The recent signing of the Umbrella agreement between the partners, the Government of Equatorial Guinea and State national oil company GEPetrol in May marks a key milestone for the project, confirming participation of the government across the project value chain. GEPetrol, the state-owned oil company, will be a 20 percent stakeholder in the upstream phase of Fortuna, and the state will also have a potential ownership of 30 percent of the midstream FLNG vessel in the future. Final investment decision is targeted for mid 2017.