Fortuna FLNG offtake awarded to Gunvor

The Ministry of Mines and Hydrocarbons (MMH), Ophir Equatorial Guinea Ltd, OneLNG SA and La Compania Nacional De Petroleos De Guinea Ecuatorial (GEPetrol) have nominated Gunvor Group Ltd as its 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 take the full contract capacity of the Gandria FLNG vessel of 2.2 MMtpy, which will be purchased on a Brent-linked, free on board (FOB) basis for a 10-yr term. The contract structure allows flexibility for up to 1.1 MMtpy 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 onward marketing.

With the identification of a preferred LNG Buyer now achieved, the last significant milestone prior to the FID of the Fortuna FLNG project is the completion of the project funding, with FID remaining on track for 2017.

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