Schlumberger to Buy Stake in Fortuna LNG
Oilfield services giant Schlumberger is entering Ophir Energy’s Fortune floating liquefied natural gas (LNG) project off Equatorial Guinea after agreeing a preliminary deal with the UK player for a stake in the development. The non-binding agreement has Schlumberger receiving a 40-percent interest in the project, with a permanent deal expected in Q2 2016. The services provider plans to reimburse 50 percent of Ophir’s past costs through a development carried interest. It is expected to cover the company’s capital expenditure on the project until the first sales of LNG. The Fortuna project is located on block R in offshore Equatorial Guinea, about 140 km off the coast of Bioko Island on the Distal Niger Delta.
CNOOC to Explore Waters off Guinea
CNOOC Ltd. signed a production sharing contract to explore for crude oil and natural gas and develop an area offshore of Equatorial Guinea. The contract area covers 2,287 square kilometers with a water depth between 30 meters and 1,500 meters. The contract was signed between CNOOC Africa Ltd, the National Oil Company of Equatorial Guinea and the Ministry of Mines, Industry and Energy. The exploration period was set at five years, and CNOOC will act as the project's technical operator. Under the terms of the contract, CNOOC will conduct seismic data interpretation and drill exploratory wells. (Source: Shanghai Daily)
