Malaysia’s Yinson Holdings has started exclusive negotiations to supply a floating production storage and offloading (FPSO) to Nigeria’s First Exploration & Petroleum Development Company (First E&P).
The two parties have entered into a heads of terms agreement for the purpose of negotiating the supply and charter of the FPSO unit to process hydrocarbons from the Anyala & Madu fields, offshore Nigeria.
Yinson said scope of the negotiations include a bareboat charter agreement and an operations and maintenance agreement.
The initial term of the bareboat charter is expected to be a period of 7 years and First E&P may extend the period for another 8 years.
