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
21 April 2026
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
21 April 2026
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
21 April 2026
As the global energy system undergoes a fundamental realignment, Algihaz Holdings has established itself as a critical player bridging conventional energy markets and the next generation of renewable infrastructure.
21 April 2026
The 25th WPC Energy Congress is taking place from 11-15 October 2026 at the Riyadh Front Exhibition & Conference Center.
