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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.

Fortuna FLNG Project
MAP SOURCE: EWA

 

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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Editorial Comment
-Adrienne Blume
As discussed in the HPI Market Data 2019 report, published in November by Gas Processing & LNG’s sister publication, Hydrocarbon Processing, rising propane and ethane supplies in the US have been enabled by greater production of shale gas.
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Norway aims to become a leading player in the global LNG market during the next several years through the establishment of new, large-scale LNG terminals.
Regional Focus: Challenges of scaling up Africa’s LNG production
-Shem Oirere
Several gas projects are underway in Africa, but they continue to be constrained by inadequate infrastructure, slow finance mobilization, lack of security and uncertainty over hydrocarbon regulations that are casting doubt on the outcome of the continent’s drive to meet its anticipated 128% gas demand increase by 2040.


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