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Ophir signs deal with Schlumberger-Golar JV for Equatorial Guinea project

Published 11/10/2016, 08:38 AM
Ophir signs deal with Schlumberger-Golar JV for Equatorial Guinea project
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  • British oil and gas explorer Ophir Energy (OTCPK:OPGYF) says it signed an agreement with OneLNGSM, a joint venture between units Schlumberger (NYSE:SLB) and Golar LNG (NASDAQ:GLNG), to develop the Fortuna project in Equatorial Guinea.
  • Ophir had said it could move forward without new partners for the Fortuna floating liquefied natural gas project as cost estimates had been cut by half to ~$450M and after SLB had walked away from the deal in June, but analysts say SLB's return to the project would be viewed positively by the market.
  • Ophir says it will own a 33.8% stake in the JV, while OneLNG will own the rest; a final investment decision is expected in H1 2017 with first gas in H1 2020.

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