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Ophir Holdings & Ventures LTD (Ophir) and OneLNGSM have signed an agreement to form a joint operating company (JOC) to develop the Fortuna project in Block R, offshore Equatorial Guinea.

The two partners will hold 66.2% and 33.8% ownership in the JOC, which will handle financing, construction, development and operation of the integrated Fortuna project.

The Fortuna project is scheduled to come online in the first half of 2017 and is expected to attract an investment of $2bn.

"The project will have a production capacity of 1.8 billion cubic feet of gas a day."

The JOC will allow both companies to align the investment across the value chain to achieve financial viability for the project.

Total has agreed with the National Iranian Oil Company (NIOC) to develop Phase 11 of South Pars gas field in Iran.

Under the heads of agreement (HoA) signed between the two entities, NIOC (50.1%) and the project partners, Petropars (19.9%), a subsidiary of NIOC, and CNPC (30%), will conduct exclusive negotiations to finalise a 20-year contract.

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By GlobalData

Upon completion, the project will have a production capacity of 1.8 billion cubic feet of gas a day or 370,000 barrels of oil equivalent.