Equatorial Guinea May Strip Ophir of LNG Project Due to Finance Delays
Equatorial Guinea will force Ophir Energy out of the company's flagship liquefied natural gas (LNG) project and may scrap it entirely unless long-delayed financing deals worth $1.2 billion are presented to the government by December.The ultimatum is a blow to UK-listed Ophir, which has set aside $150 million of its own cash to develop west Africa's first deepwater LNG project, Fortuna, by 2022 despite its lack of a track record in LNG and small balance sheet."We have a clear idea of who we would give the license to but
Golar LNG Unwinds Joint Venture with Schlumberger
Golar LNG said on Thursday it would wind down its joint venture with Schlumberger, called OneLNG, which had been involved in the development of the Fortuna LNG project with Ophir in Equatorial Guinea.Golar said despite an agreed development plan and extensive efforts in the last 12 months by OneLNG and Ophir management, it has not been possible to finalise an attractive debt financing package.This, together with other capital and resource priorities, resulted in a decision from Schlumberger to end their participation in
Congo Republic says GDP Growth to Rise in 2017
Congo Republic's economy is expected to grow by 1 percent in 2017, after contracting 2.1 percent last year, due to increased oil production, the government said late on Wednesday. The statement by the national monetary and financial committee said growth would be lifted by this week's start of production at Total's Moho Nord oil field, which will have a production capacity of 100,000 barrels of oil equivalent per day.
Equatorial Guinea Inks Production Deal with ExxonMobil
Equatorial Guinea has signed a production-sharing contract for offshore block EG-11 with U.S. oil major ExxonMobil, the hydrocarbons ministry said on Monday. "Block EG-11 is the jewel among a group of already very prospective blocks that we are signing in 2017," said Gabriel Obiang Lima, the minister of mines and hydrocarbons in Sub-Saharan Africa's third largest producer. ExxonMobil already operates Zafiro field, the largest oil producing field in Equatorial Guinea…
Equatorial Guinea Eyes New FLNG Plants
Equatorial Guinea, which is developing Africa's first deep-water floating Liquefied Natural Gas (LNG) platform, sees scope for another two similar platforms by December, the petroleum minister said on Monday. The former Spanish colony is developing the multi-billion dollar Fortuna floating LNG project in partnership with Ophir Energy and has selected seven companies for as many blocks in its 2016 licensing round, minister Gabriel Obiang Lima told delegates attending an African oil conference in Cape Town.
China Cash Boosts African FLNG Projects
China aims to become lowest-cost seller of FLNG plants; its shipyards to build floating plants for African projects. China plans to pour almost $7 billion into floating liquefied natural gas (FLNG) projects in Africa, betting on a largely untested technology in the hope that energy markets will recover by the time they start production in the early 2020s. Western banks are wary due to the depressed state of the shipping and gas markets…
OPEC Oil Output Jumps to 2017 High as Nigeria, Libya Pump More
OPEC oil output has risen in June by 280,000 barrels per day (bpd) to a 2017 high, a Reuters survey found, as a further recovery in supply from the two member countries exempt from a production-cutting deal offset strong compliance by their peers. High compliance by Gulf producers Saudi Arabia and Kuwait helped keep OPEC's adherence with its supply curbs at a historically high 92 percent in June, compared with 95 percent in May, the survey found.
OPEC Oil Output Jumps to 2017 High on Further Libya Recovery
OPEC oil output has risen this month by 90,000 barrels per day (bpd) to a 2017 high, a Reuters survey found, led by a further recovery in supply from Libya, one of the countries exempt from a production-cutting deal. A dip in supply from Saudi Arabia and lower Angolan exports helped to boost OPEC's adherence to its supply curbs to 84 percent. While this is up from a revised 77 percent in June, compliance in both months has fallen from levels above 90 percent earlier in the year.
Gunvor Awarded Fortuna FLNG Offtake
The Ministry of Mines and Hydrocarbons (MMH), Ophir Equatorial Guinea (Block R) Ltd, OneLNG SA and La Compania Nacional De Petroleos De Guinea Ecuatorial (GEPetrol) have nominated Gunvor Group Ltd (Gunvor) as its preferred LNG Buyer for offtake from the Fortuna FLNG project. All parties have agreed the principal commercial terms subject to finalizing a Sale and Purchase Agreement (SPA) for the offtake ahead of the Final Investment Decision (FID) on the Fortuna FLNG project.
Ghana, Equatorial Guinea to Sign LNG Deal
Ghana's President Nana Akufo-Addo plans to sign an agreement to import liquefied natural gas (LNG) from Equatorial Guinea during his three-day visit to the Gulf of Guinea petroleum producer due to begin on Monday, his office said. Though an oil and gas producer in its own right since its flagship Jubilee field came on stream in 2010, Ghana has in the past struggled to ensure reliable power production for a growing domestic market.
OPEC Oil Output Edges Higher in September
OPEC oil output has risen this month by 50,000 barrels per day (bpd), a Reuters survey found, as Iraqi exports increased and production edged higher in Libya, one of the producers exempt from a supply-cutting deal. OPEC's adherence to its pledged supply curbs slipped to 86 percent from August's 89 percent, the survey found. Top exporter Saudi Arabia continued to shoulder a larger portion of OPEC's total cut by pumping below its target.
Danos Secures West Africa Fabrication Contract
Danos has been awarded a fabrication contract by a major oil and gas producer subsidiary operating in Equatorial Guinea. The scope of work comprises the fabrication of a 50-by-60-foot deck section and all associated piping for an upgraded compressor on the producer’s offshore platform. The deck will be fabricated at Danos’ Amelia Integrated Services Complex, involving 45 craft personnel over 4 months. Danos has been working in West Africa since 1992…
SBM Offshore to Pay $238 Mln in US Bribery Case
SBM Offshore NV, a Netherlands-based maker of offshore oil drilling equipment, and its U.S. subsidiary, SBM Offshore USA Inc, agreed to settle criminal charges of bribing officials in five countries and pay a $238 million penalty, the U.S. Justice Department said on Wednesday. The companies agreed to settle charges related to schemes lasting more than a decade involving bribery of foreign officials in Brazil, Angola, Equatorial Guinea…
OPEC Oil Output Falls in November to Lowest since May
OPEC oil output fell in November by 300,000 barrels per day (bpd) to its lowest since May, a Reuters survey found, pressured by a drop in Angolan and Iraqi exports, strong compliance with a supply cut deal and involunary declines. OPEC's adherence to pledged supply curbs rose to 112 percent from October's 92 percent, the survey found. Top exporter Saudi Arabia pumped below its OPEC target, as did all other members except Ecuador, Gabon and the United Arab Emirates.
OPEC Oil Cut Adherence Rises in December
OPEC deepened compliance with an oil supply-cutting deal in December due to a further decline in Venezuelan output and extra cuts by Gulf exporters, a Reuters survey found, showing strong commitment to the deal despite higher prices. Adherence to the curbs rose to 128 percent from 125 percent in November, the survey found. The United Arab Emirates for the first time since the deal took effect in January 2017 pumped below its OPEC target, joining Saudi Arabia and Kuwait.
Danos Completes Offshore Facility Turnaround
Danos reports it has completed a turnaround comprising four client offshore facilities in Equatorial Guinea. Though estimated to require 10 days of downtime, Danos completed the work ahead of schedule, with production resuming after only seven days. The project required approximately 70 skilled craftsmen who were mobilized from 10 different cities and then transported to West Africa, plus a crew of workers from the Philippines with specialized expertise in British Standard Scaffolding.
Start of Golar's FLNG in Cameroon May Draw More Africa Clients
Golar LNG said on Monday it had started production at its floating LNG (FLNG) platform in Cameroon, the world's second working example of the nascent technology and a milestone likely to boost its Fortuna project in Equatorial Guinea. As the cost of land-based LNG plants more than tripled in the decade to 2013, Golar pioneered the conversion of ageing LNG tankers into giant refrigerators capable of chilling gas into its liquid form at minus 162 Celsius.
Ophir, OneLNG JV to develop Fortuna FLNG Project
Ophir Holdings & Ventures LTD ("Ophir"), a wholly owned subsidiary of Ophir Energy plc, and OneLNGSM, a joint venture between subsidiaries of Golar LNG Limited and Schlumberger, announce that they have signed a binding Shareholders' Agreement to establish a Joint Operating Company ("JOC") to develop the Fortuna project, in Block R, offshore Equatorial Guinea utilising Golar's FLNG technology. OneLNG and Ophir will have…
Ophir inks JV with Schlumberger for Equatorial Guinea project
British oil and gas explorer Ophir Energy Plc said it had signed an agreement with OneLNGSM, a joint venture between units of Golar LNG Ltd and Schlumberger, to develop the Fortuna project in Equatorial Guinea. Shares in the company rose as much as 13.8 percent, before trading at 77.75 pence at 0956 GMT on the London Stock Exchange on Thursday. Ophir said earlier this month that it could go forward without new partners…
[Op/Ed] Congo and OPEC: A Marriage of Mutual Need
The Republic of the Congo has suffered dearly during the oil collapse; and Congolese President Denis Nguesso has pledged that the country would no longer be sitting on the side lines — suffering the effects of global decision-making in the oil industry without a voice. In an official communiqué announcing the bid for OPEC membership, he stated that he wished to “place our country in the rank of the world’s leaders.”In January…