Ophir’s Fortuna FLNG finally bites the dust
Ophir Energy’s long-running efforts to fund the Equatorial Guinea project fail, as the company engages in takeover talks
Equatorial Guinea's decision not to extend Ophir Energy's licence on offshore block R, thus scuppering the long-delayed Fortuna floating LNG project, was largely expected, given the UK-listed firm's protracted struggle to find funding. Ophir is also currently in talks over a possible takeover by Indonesia's Medco Energi. London-based Ophir said the loss of the $1.2bn Fortuna project would result in an impairment charge of around $300mn in its full year results, following on from a £310mn charge announced with half-year results in September 2018. The company had been downbeat on prospects for Fortuna-the firm's leading project-for months, as it struggled to overcome a financing vacuum left by
Also in this section
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
