Offshore staff
MALAYSIA – Yinson Holdings Berhad, through its subsidiary Yinson Acacia Ltd., has entered into an agreement with bp Exploration (Angola) Ltd., as the operator of the Block 31 contractor group, for the reservation of FPSO Nganhurra, a vessel for use in bp’s proposed 10-well subsea Palas, Astrea and Juno oil fields (PAJ Project) off Angola.
Under the Agreement, Yinson will exclusively allocate FPSO Nganhurra to bp for the PAJ project until Dec. 31, with an option for bp to extend until June 30, 2023, whilst the parties negotiate a contract to convert, operate, maintain and lease the FPSO for the PAJ project. The lease and operate contract, which is anticipated to include a 10-year fixed term, is expected to be executed by the end of 2024, subsequent to bp reaching final investment decision.
Yinson holds an exclusive purchase option for FPSO Nganhurra until June 30, 2023, with its owners, Woodside Energy and Mitsui E&P Australia Pty Ltd, with an option for Yinson to extend such exclusive purchase option until Dec. 31, 2023.
Yinson Production CEO Flemming Grønnegaard said, “This agreement emphasizes Yinson’s position as the preferred contractor in executing FPSO redeployment projects, which have significant capex and schedule advantages, for established oil and gas players such as bp. We have recently completed two successful redeployment projects, which are FPSO Abigail-Joseph and FPSO Helang, and the group is currently engaged in a redeployment delivery for FPSO Atlanta.”
FPSO Nganhurra has a production capacity of 100,000 bbl/d of oil and was built by Samsung in 2006. The FPSO, which operated at the Enfield Field in Australia until autumn 2018, is laid up outside Labuan, Malaysia.
07.28.2022
