8,090 Active Recruiters     Over 2 Million Candidates Globally

Advanced
  1. Keep me logged in
  2. forgot password
cancel

Checkout Jobs Basket (0)

You can checkout a maximum of 150 jobs.

Signup Better for Candidates

  • Create a free virtual CV and let recruiters find you
  • Automatically have your profile matched to suitable Oil & Gas positions
  • Link to your profile using it as a free online CV
  • Store all your employment documents to your profile for easy sending
  • Always receive feedback on positions applied for

Signup Better for Recruiters

  • Advertise Oil and Gas jobs for free
  • Suitable candidates automatically matched to your position
  • View candidate profiles for free
  • No more waiting for candidates to respond to job advertisements
  • Only ever pay when you match a candidate to a position
  • No more cold calling and sorting through out dated CVs

Ophir to Borrow $1.2 Billion from Chinese Banks for Fortuna Floating LNG

Published in Oil Industry News on Tuesday, 9 May 2017


Graphic for News Item: Ophir to Borrow $1.2 Billion from Chinese Banks for Fortuna Floating LNG

British oil and gas explorer Ophir Energy plans to borrow $1.2 billion from Chinese banks to back the development of its Fortuna floating liquefied natural gas (FLNG) export project in Equatorial Guinea.

The project is set to be cleared at the end of June, while the buyer of the LNG and the financial structure underpinning the scheme should be announced by the end of this month, Ophir Energy CEO Nick Cooper said on Monday.

The choice of Chinese banks reflected the unwillingness of Western institutions to back African oil and gas projects, Cooper told Cooper an industry conference in Amsterdam..

"We're close to closing that out," he said in reference to the loan deals.

Fortuna FLNG will be Africa's first deepwater floating liquefaction facility, with production capacity of 2.2 million tonnes per year and an estimated start-up in 2020.

Italian oil and gas group Eni is advancing its own FLNG project, Coral, in waters off Mozambique.

Eni expects to approve the investment imminently after a breakthrough in convincing its Chinese partner, CNPC, which had previously withheld its blessing, to back the scheme, industry sources said.

The two African FLNG projects are expected to be the only multi-billion-dollar LNG projects to be given the go-ahead globally this year, as low oil and gas prices make companies rethink investment plans.

Ophir's Cooper said Fortuna FLNG was highly competitive against rival producers, which have heavier capital investments, allowing it to deliver supply to Europe more cheaply than even new projects in the United States.

While Ophir has not announced the identity of the buyer of output from its facility, industry sources have said the majority of interest has come from European players, including utilities.

Shipping company Golar LNG, also a partner in Fortuna FLNG with oil services firm Schlumberger via a joint venture, will build, own and deliver the FLNG vessel, which is called the Gimi.

The Gimi is an LNG tanker which Golar is fitting out with liquefaction technology.

Conversions like these are highly price competitive against traditional and more costly onshore liquefaction plants, said Chris Holmes, managing director of gas and LNG at IHS.

Malaysia's Petronas brought on stream the world's first FLNG project this year, called PFLNG 1. On the other end of the spectrum, the world's biggest FLNG project, the giant Prelude plant being specially built by Royal Dutch Shell for deployment off the coast of Australia, staggers in at a cost of $12 billion. It is due to start next year.

By the end of the decade, 14 million tonnes of FLNG production is expected to come online, Holmes said.

Source: www.reuters.com

Please leave comments and feedback below





Tags

Chinese Oil and Gas, Ophir Energy Oil and Gas, Petronas Oil and Gas, Oil and Gas News








Oil and Gas News Archive


Latest Oil & Gas News







Featured Companies

  • View All JobsNOVATEK

    NOVATEK is one of the largest independent natural gas producers in Russia.

    Engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons, NOVATEK have 20 years of operational experience in the Russian oil and natural gas sector.

    Visit us online: www.novatek.ru/en/

  • View All JobsChronos Oil and Gas

    Chronos Oil and Gas is one of the fastest growing and best placed recruitment agencies in the sector.

    With over 300,000 candidates on our database and an international team of specialist recruiters we work with clients to staff major projects around the world.

    Register your CV at www.chronosoilandgas.com

  • View All JobsNatural Resources

    Natural Resources is a UK based recruitment company providing personnel of all disciplines and nationalities worldwide.

    We represent clients and candidates at all levels who operate globally within oil & gas, renewables, nuclear, power, mining, marine, drilling, construction and petrochemicals. Our client base includes energy and construction.

    Visit Natural Resources at natural-resources.com