Singapore-based Yinson Production, part of the Malaysian Yinson Group, has sealed a $5.3bn contract with Azule Energy for the provision, operation and maintenance of a floating, production, storage and offloading asset for the Agogo Integrated West Hub development offshore Angola.
The contract with the BP and Eni joint venture has a firm period of 15 years from the date of the final acceptance, with the option to extend for a further five years. The firm deal follows on from the agreement for preliminary activities inked last December.
The FPSO Agogo will be Yinson Production’s first offshore production project in Angola and the eighth FPSO project in the West African region.
The VLCC Front Eminence (pictured), which Yinson recently acquired from Frontline, will be converted into an FPSO and be ready to start operations in the fourth quarter of 2025. The unit will be the environmentally friendliest FPSO in the world with CO2 emissions below 10 kg CO2e/bbl of oil and the first floater featuring carbon capture, Yinson Production official told Splash.
Commenting on the contract award, Flemming Grønnegaard, chief executive of Yinson Production, said: “We have been operating in the African region since 1995, and this is a vital market to us. The team has gained valuable experience and skills in the region and we are ready to demonstrate once again our capabilities to deliver a world-class FPSO. We are committed to delivering value-added results for our client, whilst implementing a low emission design that helps to mitigate climate change. Together, we hope to pioneer some sustainable technologies such as carbon capture that we believe can pave the way for the decarbonisation of the FPSO industry.”
