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Yinson Agrees To New FPSO Deal In Angola



Yinson Agrees To New FPSO Deal In Angola

(CTN News) – Yinson, the Malaysian floater operator, will cooperate with Azule Energy to develop the Agogo Integrated West Hub offshore Angola under a contract.

This will see preliminary activities related to the development of an FPSO unit for the development of the Agogo Integrated West Hub begin under the contract.

The purpose of this agreement is to outline both parties’ interest in starting preliminary work as early as possible in order to meet the project schedule and to complete the contract(s) for the project in the shortest amount of time.

This contract, which has been reported by Yinson to be worth approximately $218 million, will be for a period of 60 days. It is in the form of a joint venture between BP and Eni Angolan.

Agogo FPSO is to be constructed on the west hub part of Block 15/06 in Angola for the purpose of processing oil and gas. As part of the final agreement between Yinson and Angola, Yinson will be responsible for providing, operating and maintaining the FPSO.

Additionally, it is pertinent to mention that in July, Yinson signed an exclusive agreement with BP to reserve an FPSO called Nganhurra in Block 31 off the coast of Angola that will be used for the proposed 10-well subsea oil fields Palas, Astrea, and Juno.

A contract was negotiated between Yinson and BP under which Yinson would allocate the FPSO to the project until December 31, 2022, with an option for BP to extend the lease until June 30, 2023, while the parties negotiated a specific contract for the conversion, operation, maintenance, and lease of the FPSO for the project.

As a result of BP reaching a final investment decision on the project, the lease and operate contract is expected to conclude by the end of 2024, following the signing of the 10-year fixed term lease and operating contract.

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