A final investment decision (FID) on Cameroon’s Etinde project is now expected in mid-2021, junior partner in the venture Bowleven has reported.
Earlier this year, when appointing TechnipFMC to carry out the front-end engineering and design (FEED), Bowleven had said FID would come in 2020. It had first said this would come in the first quarter. It then pushed this back to the third quarter of this year.
Delays on the FID now require the Etinde partners to secure a licence extension before taking the plunge. The licence expires in January 2021.
The company will released full year results, for the 12 months ending on June 30, 2020, on November 5. Bowleven reported it had made good progress at Etinde.
Financing for the Cameroonian gas project will be the next challenge. Bowleven has engaged a financial advisor to provide assistance.
Financing will probably involve a number of different layers, it said. This may include senior project finance debt, vendor financing from contractors, offtakers and likely equity.
The next stage of work will involve a field development plan (FDP) and preliminary information memorandum (PIM), in addition to lender due diligence.
Bowleven said the joint venture partners were considering a range of options for gas offtake and condensate marketing.