LONDON – Bracewell (UK) LLP is assisting Ophir Energy plc (Ophir) in relation to the Fortuna floating LNG project, offshore Equatorial Guinea. Ophir and its development partner OneLNG SA, a joint venture between Golar LNG and Schlumberger, announced on 10 November 2016 that they have executed a Shareholders’ Agreement to establish a joint operating company to develop the Fortuna project.
The joint operating company will facilitate the financing, construction, development and operation of the integrated Fortuna project. A final investment decision (FID) is anticipated on the project during the first half of 2017 and, from FID, the joint operating company will own both the upstream gas asset and the floating LNG vessel. The estimated total capital expenditure for the integrated project is approximately $2 billion to reach first gas, which is expected in the first half of 2020. The Shareholders’ Agreement and FID are subject to a number of conditions, including agreement of the final terms and execution of documentation for the debt financing, approval by the Ophir shareholders and approval by the government of Equatorial Guinea.
“We are absolutely thrilled to be supporting the Ophir team in relation to this innovative project, which is at the forefront of developments in the oil and gas industry,” said Darren Spalding, lead Bracewell partner on the project. “The execution of the Shareholders’ Agreement is a significant milestone and provides a framework for FID and clear line of sight to first gas. We look forward to assisting Ophir progress this market-changing project to FID.”
“Bracewell has provided us with a premium legal service and indefatigable dedication and commitment to the project,” said Philip Laing, general counsel for Ophir. “The Bracewell team has integrated seamlessly with ours and their industry knowledge and insight is invaluable and sets them apart from other lawyers in the market.”
Bracewell attorneys involved in this transaction included:
Partners: Darren Spalding, Ben James, Tracy London, Martin Stewart-Smith, Olivia Caddy
Senior Associates: Adam Blythe, Tom Swarbrick, Nicholas Neuberger
Associates: Kirsty Law, Adam Waszkiewicz
OneLNG SA is represented by Shearman & Sterling.