Schlumberger joins Ophir on board African gas platform

Texas-based Schlumberger will help develop the business in Equatorial Guinea
Texas-based Schlumberger will help develop the business in Equatorial Guinea
RICHARD POHLE/THE TIMES

Ophir Energy has signed a preliminary agreement with Schlumberger to develop its Fortuna gas project off the coast of Equatorial Guinea.

Schlumberger, the American oil services company based in Houston, Texas, will receive a 40 per cent stake in the floating liquefied natural gas project, bolstering confidence that it will proceed despite falling oil prices. The project is located about 140km off the island of Bioko in water depths of up to 1,950 metres (6,400ft).

Nick Cooper, the chief executive of Ophir, said: “We are very pleased to welcome Schlumberger into the Fortuna FLNG project. Innovative partnering upstream are increasingly important to deliver world-class projects that can create value throughout the cycle.”

Ophir is awaiting final government approval for the project in the west African