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)
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June 18, 2019 10:00 AM CDT