Ophir Energy (OPHR) may have relinquished control of its Fortuna discovery, but the prize has been clarity and momentum on the LNG project’s development. This week, Ophir and its partners selected Swiss commodity trading outfit Gunvor as its preferred buyer of the project’s liquefied natural gas.
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Under the terms of the agreement, Gunvor will buy 2.2mmtpa (million metric tonnes a year) on a Brent-linked basis for 10 years, while allowing up to 1.1mmtpa of the Fortuna capacity to be marketed “on an alternate basis” - read, higher priced gas markets - whilst retaining a share of the profits.
