Ophir lost in space

Ophir’s Equatorial Guinea Fortuna FLNG project faces further uncertainty as the government threatens to pass the Block R licence which contains the gas field to another company in December when it expires. It has given Ophir an ultimatum to present a firm financing plan and progress the FLNG project. The FLNG concept is still relatively new technology and together with the geography, Ophir has found it challenging to raise bank financing or...

Read More

Tullow: An African update

Tullow provided a trading update today which gives an overview on progress across a selection of Africa's key fields and developments. Ghana Production in Q1 2018 at Jubilee averaged 63.8 mbopd - there were 19 days of shut-ins throughout the period. An updated shut-in/maintenance schedule plans for three weeks of downtime in May and one week at year end for a total of 47 days. Tullow’s production is insured at c.USD60/bbl, but with Brent to date hovering above USD70/bbl the company is incentivised to minimise down time. TEN production performed...

Read More

Ophir's Fortuna farm-out terminated

On 29th April 2016, Ophir announced that it had terminated its Fortuna farm-out discussions with Schlumberger. Back in January, Ophir announced that it had entered into a non-binding Heads of Terms Agreement with Schlumberger for upstream participation in the Fortuna FLNG development that would result in the oilfield service company carrying Ophir to first oil. However, the two companies have been unable to complete the transaction on the terms...

Read More