[Angola] FPSO Agogo
Posted: Mon Dec 05, 2022 12:23 pm
Yinson enters into Agreement for Preliminary Activities for Agogo Project in Angola
Posted Date: 05 Dec, 2022
Yinson Production (“YP”) through its wholly owned subsidiary, Yinson Azalea Production Pte Ltd, has entered into an Agreement for Preliminary Activities (“APA”) with Azule Energy (“Azule”), through its wholly owned subsidiary Eni Angola S.p.A., to commence all preliminary activities for the provision, operation and maintenance of a floating, production, storage and offloading asset for the Agogo Integrated West Hub Development Project in Angola.
Azule is Angola’s largest independent equity oil and gas producer, and a 50/50 joint venture between BP p.l.c. and Eni S.p.A.
The APA outlines both parties’ interests in commencing preliminary work in order to meet the project schedule, while finalising firm contract(s) for the project. The term of the APA is 60 days with an approximate aggregate value of USD218 million (equivalent to approximately RM956 million).
1. INTRODUCTION
Yinson is pleased to announce that, on 2 December 2022 (the “Effective Date”), Yinson Azalea Production Pte Ltd (“YAPPL”), an indirect wholly owned subsidiary of the Company, has entered into the Agreement for Preliminary Activities (“APA”) with Eni Angola S.p.A. (“Eni”), a wholly owned subsidiary of Azule Energy. In entering into the APA, both YAPPL and Eni have interests in commencing with the preliminary work to safeguard the project schedule in accordance to the terms therein, in anticipation of the finalisation of a contract (“Contract”) for the provision of:
(a) a floating, production, storage and offloading vessel to be deployed for the Agogo Integrated West Hub Development Project, located in the West Hub part of Block 15/06 in Angola (“Agogo FPSO”) to process hydrocarbons; and
(b) operation and maintenance services for the Agogo FPSO.
2. INFORMATION ON ENI
Eni Angola S.p.A. is owned by Azule Energy, the new 50/50 independent joint venture by BP p.l.c. and Eni S.p.A. Azule Energy is the largest independent equity producer of oil and gas in Angola, holding 2 billion barrels equivalent of net resources and growing to about 250,000 barrels equivalent a day (boe/d) of equity oil and gas production over the next five (5) years.
Posted Date: 05 Dec, 2022
Yinson Production (“YP”) through its wholly owned subsidiary, Yinson Azalea Production Pte Ltd, has entered into an Agreement for Preliminary Activities (“APA”) with Azule Energy (“Azule”), through its wholly owned subsidiary Eni Angola S.p.A., to commence all preliminary activities for the provision, operation and maintenance of a floating, production, storage and offloading asset for the Agogo Integrated West Hub Development Project in Angola.
Azule is Angola’s largest independent equity oil and gas producer, and a 50/50 joint venture between BP p.l.c. and Eni S.p.A.
The APA outlines both parties’ interests in commencing preliminary work in order to meet the project schedule, while finalising firm contract(s) for the project. The term of the APA is 60 days with an approximate aggregate value of USD218 million (equivalent to approximately RM956 million).
1. INTRODUCTION
Yinson is pleased to announce that, on 2 December 2022 (the “Effective Date”), Yinson Azalea Production Pte Ltd (“YAPPL”), an indirect wholly owned subsidiary of the Company, has entered into the Agreement for Preliminary Activities (“APA”) with Eni Angola S.p.A. (“Eni”), a wholly owned subsidiary of Azule Energy. In entering into the APA, both YAPPL and Eni have interests in commencing with the preliminary work to safeguard the project schedule in accordance to the terms therein, in anticipation of the finalisation of a contract (“Contract”) for the provision of:
(a) a floating, production, storage and offloading vessel to be deployed for the Agogo Integrated West Hub Development Project, located in the West Hub part of Block 15/06 in Angola (“Agogo FPSO”) to process hydrocarbons; and
(b) operation and maintenance services for the Agogo FPSO.
2. INFORMATION ON ENI
Eni Angola S.p.A. is owned by Azule Energy, the new 50/50 independent joint venture by BP p.l.c. and Eni S.p.A. Azule Energy is the largest independent equity producer of oil and gas in Angola, holding 2 billion barrels equivalent of net resources and growing to about 250,000 barrels equivalent a day (boe/d) of equity oil and gas production over the next five (5) years.