Ophir Energy books $310M charge on Fortuna gas project, unveils cost cuts
(Reuters) - Ophir Energy has written down the value of its struggling Equatorial Guinea natural gas project by $310 million, it said, while also announcing plans to cut jobs in London and move its headquarters to Asia to lower costs.
The company had said last week that it was “cautiously optimistic” of meeting a looming deadline for a final investment decision and save its stalled Fortuna FLNG project.
The liquefied natural gas project in Equatorial Guinea, bogged down by delayed financing, ran into further trouble in May when U.S. oil services company Schlumberger pulled out of the venture. (Reporting by Shashwat Awasthi in Bengaluru; Editing by Sai Sachin Ravikumar)
On the changing landscape of global natural gas trade, the US has magnified its export power by remaining a net exporter for 13 months as of February 2019.
EWAnalysis: US LNG producers eye major growth
- Energy Web Atlas
The US LNG market has experienced rapid growth over the past decade due to the availability of inexpensive feedstock and increased worldwide demand.
Regional Focus: Nigeria moves to expand its liquefaction capacity
The award in July 2018 of long-awaited contracts for the front-end engineering design (FEED) of Nigeria’s Train 7 gas plant expansion project to two consortia is the country’s latest attempt to address the enormous challenges of gas flaring and gas shortages for power plants and domestic consumption.
Reliable Operations & Saving OPEX for Gas Plant Refrigeration – Selecting the right technologies
By selecting integrally geared turbocompressors for gas plant refrigeration duty coupled with a mag bearing turboexpander, operators get the added values of technology with highly reliable operations and reduced OPEX. Join Sami Tabaza and Chris Blackmer from Atlas Copco Gas and Process for a presentation followed by Q&A surrounding the turbocompressor and turboexpander technologies that can efficiently and reliably fit your gas plant design and operation to get the advantages of both technologies.
June 18, 2019 10:00 AM CDT