LNG

Financial risk a possible hurdle to Fortuna FID

Developers are hoping they can make an FID on Equational Guinea’s Fortuna LNG project in Q1 2018 despite lingering concerns Developers are hoping they can make an FID on Equational Guinea’s Fortuna LNG project in Q1 2018 despite lingering concerns.
By Felix Janvrin 5 January 2018 0 28968
Equatorial Guinea Minister of Mines, Industry and Energy Gabriel Obiang Lima. Equatorial Guinea Minister of Mines, Industry and Energy Gabriel Obiang Lima. (Africa Oil and Power)

The companies behind the Fortuna LNG project in Equatorial Guinea have found a potential new lender and have lined up an offtaker, raising hopes the facility may finally reach FID in Q1 2018. However, concerns over the ability of the sponsors to provide a greater chunk of the financing if necessary and the creditworthiness of its LNG buyer may be lingering over the project, according to sources. 

Fortuna – which is being developed by Ophir Energy and OneLNG, a joint venture between Golar LNG and Schlumberger...