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08 Apr 2019, Petia Krasteva, EMIS Editor

Russian oil major Rosneft to bid in Equatorial Guinea’s new gas tender

Russian oil major Rosneft will be among the bidders for Equatorial Guinea's stalled Fortuna LNG project, Prime reported citing local sources. The new tender is called after earlier this year Equatorial Guinea authorities revoked the license of UK-based Ophir Energy as the latter faced troubled to secure the necessary funding of the project. Ophir Energy was supposed to build USD 2.2bn LNG plant linked to the field and produce 2.2 million mt/year of LNG.

Equatorial Guinea will now auction licenses for 24 offshore and two onshore blocks. Apart from Rosneft, other oil firms interested in Equatorial Guinea’s oil and gas fields are known to be Italy’s Eni, China's CNOOC and Malaysia's Petronas. Equatorial Guinea is the OPEC's smallest producer but is now making a push to expand upstream activities. The tender will close in late September and a deal with selected investors should be signed in early 2020.

Sign in and read the full article in emis.com, and find out more about EMIS. Original source: Prime