Africa Oil & Gas: Ophir Energy books $310 mln charge on Fortuna gas project, unveils cost cuts

Africa Oil & Gas: Ophir Energy books $310 mln charge on Fortuna gas project, unveils cost cuts

(Reuters) – Ophir Energy has written down the value of its struggling Equatorial Guinea natural gas project by $310 million, it said on Thursday, while also announcing plans to cut jobs in London and move its headquarters to Asia to lower costs.

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Africa Oil & Gas: Equatorial Guinea LNG project stumbles again as Schlumberger quits

A pioneering liquefied natural gas project in Equatorial Guinea, bogged down by delayed financing, ran into further trouble after U.S. oil services company Schlumberger pulled out of the venture, two other operators said on Thursday.

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Africa Oil & Gas: Ophir Energy replaces CEO amid Equatorial Guinea LNG project delays

Reuters are reporting that Ophir Energy is replacing CEO Nicholas Cooper with immediate effect amid delays in funding a major gas project in Equatorial Guinea that have slashed its share value in the past year. Alan Booth, currently a non-executive director, has been named interim CEO and executive director, Ophir said. The company is looking “to rebalance its portfolio towards a larger production and cash flow base, to support more focused and sustainable exploration activity,” the…

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Africa Oil & Gas: Ophir prioritizes Fortuna FLNG alternative funding

Ophir Energy, together with its Fortuna FLNG project partners, has decided to prioritize an alternative funding solution with an Asian bank for up to $1.2 billion on similar terms to those agreed with the group of Chinese banks. 

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Africa Oil & Gas: “Ophir Energy awarded offshore acreage in EG Ronda 2016” – Ministry

The Ministry of Mines and Hydrocarbons, Ophir Energy and national oil company GEPetrol have signed a new production sharing contract (PSC) forBlock EG-24 offshore Rio Muni, Equatorial Guinea. London Stock Exchange-listed Ophir Energy is already a major player offshore Equatorial Guinea in Block R, where the company is building Africa’s first deepwater floating liquefied natural gas project.

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Africa Oil & Gas: Ophir Energy awards contracts for the Fortuna FLNG Project

Ophir Energy has awarded the upstream construction contract for the Fortuna FLNG Project to Subsea Integration Alliance, which is a partnership between OneSubsea, a Schlumberger company, and Subsea 7.

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