Jan. 25 – LNG Industry — Ophir Energy has announced that it has signed a non-binding Heads of Terms Agreement with Schlumberger. Under this agreement, subject to due diligence, as well as proper documentation and government approval, Schlumberger will receive a 40% economic interest in the Fortuna floating LNG (FLNG) project, which is located offshore Equatorial Guinea. A definitive agreement will now be discussed by both parties, and is expected to be complete by 2Q16. Following this, a financial investment decision (FID) will be taken. As part of the definitive agreement, Schlumberger will reimburse a total of 50% of Ophir’s previous costs in a development carried interest. This reimbursement is expected to cover Ophir’s CAPEX until the first sales of LNG. http://www.lngindustry.com/floating-lng/25012016/Ophir-signs-non-binding-Heads-of-Terms-Agreement-with-Schlumberger-1917/ ]]>
