Ophir Energy and OneLNGSM to Invest USD2 Million for the Fortuna FLNG Project
Growing exploration & production activities in the UK is expected to drive the LNG market
globally
United Kingdom: Ophir Energy and OneLNGSM,
a joint venture between subsidiaries of Golar LNG and Schlumberger signed an
agreement to form a joint operating company (JOC) to develop the Fortuna
project, in Block R, offshore Equatorial Guinea. This JOC is expected to
facilitate the financing, construction, development and operation of the
integrated Fortuna project. OneLNG and Ophir will have 66.2% and 33.8%
ownership of the JOC, respectively and the total capital expenditure expected
for the project to reach first gas is
approximately USD2 billion. The final investment decision is expected to occur
in first half of 2017 and first gas is anticipated in the first half of 2020. The initial offtake is
expected to be 2.2-2.5 MTAP for at least
15-20 years.
Techsci
Research depicts that recovering oil prices, increasing exploration &
production activities and surging investments in refinery industry are the
other major factors anticipated to boost demand for natural gas over the next
five years, globally. Also, increasing focus on development of adequate support
infrastructure in various developing as well as developed economies is expected to boost LNG demand in the coming
years
According
to released report of TechSci
Research “Global LNG Market Forecast and Opportunities, 2011-2025”, global LNG supply market is
forecast to exhibit a CAGR of over 5% during 2016-2025. Inadequate pipeline infrastructure is expected
to anticipate demand for small scale LNG projects to supply natural gas to key
consumers in remote areas, especially in power and industrial sectors.
Increasing urbanization, growing industrialization and rising number of
projects related to power, city gas distribution, petrochemical, etc., are
expected to positively influence global LNG market during 2016 – 2025.