Equatorial Guinea’s Fortuna FLNG Project has taken a step further towards its progress as Ophir Energy, OneLNG, and GEPetrol have signed a detailed Umbrella Agreement for Fortuna FLNG that covers the full legal and fiscal framework for the Fortuna FLNG Project which will be Africa’s first deepwater FLNG project, Your LNG News reported.

According to Oil Review Africa, The UA is considered to be a step closer to taking the final investment decision on the project, which is predicted to be made by the middle of this year.

The stakeholders confirmed in a statement that the construction tender process was on schedule and the project finance talks with Chinese lenders have progressed to the final documentation stage.

“This agreement is in line with the government’s objective to deliver important projects that monetize our gas, promotes local content and brings world-class petroleum technology to Equatorial Guinea. It also has brought us one crucial step closer to realizing the historic Fortuna FLNG project. The participation of Equatorial Guinea’s national companies was critical to Fortuna’s success and to maximizing the project’s value at every level of the gas supply chain. “ Minister of Mines and Hydrocarbons for the Republic of Equatorial Guinea, Gabriel Mbaga Obiang Lima, commented.