Fortuna FLNG offtake awarded to Gunvor

8/21/2017

LONDON -- The Ministry of Mines and Hydrocarbons (MMH), Ophir Equatorial Guinea (Block R) Ltd, OneLNG SA and La Compania Nacional De Petroleos De Guinea Ecuatorial (GEPetrol) have nominated Gunvor Group (Gunvor) as their preferred LNG buyer for offtake from the Fortuna FLNG project.

All parties have agreed the principal commercial terms subject to finalizing a Sale and Purchase Agreement (SPA) for the offtake ahead of the Final Investment Decision (FID) on the Fortuna FLNG project.

Gunvor is committed to taking the full contract capacity of the Gandria FLNG vessel of 2.2 mmtpa, which will be purchased on a Brent-linked, Free on Board (FOB) basis for a 10-year term. The contract structure allows flexibility for up to 1.1 mmtpa of the Fortuna capacity to be marketed on an alternate basis. Consequently the agreement gives the Fortuna partners, alongside the State of Equatorial Guinea, the potential to sell volumes to higher priced gas markets in Africa and beyond, whilst retaining a share in the profits of such sales.

With a preferred LNG buyer now nominated, the last significant milestone remaining prior to FID for the Fortuna FLNG project is the completion of project funding, with FID remaining on track for later in 2017.

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