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New Straits Times
a day ago
- Business
- New Straits Times
Yinson production begins 15-year charter for Agogo FPSO in Angola
KUALA LUMPUR: Yinson Holdings Bhd's offshore energy solutions and floating, production, storage, and offloading (FPSO) business unit, Yinson Production, has commenced the 15-year firm charter for the Agogo FPSO, following the issuance of the Provisional Operational Readiness Certificate (PORC) on Aug 12, 2025. Yinson Production said the Agogo FPSO had earlier achieved first oil on Aug 29, 2025 - four months ahead of the original schedule and 29 months after the contract award. "The PORC marks the beginning of the FPSO's 15-year firm lease and operate contract with client Azule Energy, Angola's largest independent oil and gas producer and a 50:50 joint venture between BP and Eni," it said in a filing with Bursa Malaysia. The contract has a firm period of 15 years, with optional annual extensions of up to five years. The total contract value is in excess of US$5 billion (US$1=RM4.20). Yinson Production entered into the contract for the provision, operation and maintenance of the Agogo FPSO with Azule Energy in February 2023. With a production capacity of 120,000 barrels of oil per day and a storage capacity of 1.6 million barrels, the FPSO is deployed at the Agogo Integrated West Hub Development Project in the West Hub of Block 15/06 offshore Angola. Following completion of the construction, integration, mechanical completion, and commissioning, the Agogo FPSO sailed away from Shanghai, China in March 2025, arrived in Angola in May 2025 and completed mooring hook up in June 2025. It features a comprehensive suite of emissions-reducing technologies including closed flare system, hydrocarbon blanketing, combined cycle technology, automated process controls, and all-electric drives. It is also the world's first operating FPSO with carbon capture technology. With the Agogo FPSO having received PORC, 97 per cent of Yinson Production's total contracted revenue backlog of about US$19 billion now stems from fully operational assets. The successful completion of the project also frees the project's engineering, procurement and construction (EPC) team to execute new projects. Yinson Production chief executive officer (CEO) Flemming Guiducci Grønnegaard said achieving first oil four months ahead of schedule underscores the company's capability to deliver complex projects on or ahead of time, meeting the highest standards. "This success once again highlights Yinson Production's excellence in project execution, providing our clients with certainty and creating long-term value. "As our first asset in Angola, the Agogo FPSO marks an important step in expanding our footprint in Africa and will positively contribute to Angola's economic growth," he said. Azule Energy CEO Adriano Mongini said the vessel's low-carbon footprint and pioneering carbon capture technology demonstrate a commitment to efficient and sustainable operations. "The issuance of the PORC is a key milestone, and we are confident in Yinson's ability to operate and maintain this asset with excellence," said Mongini. Meanwhile, Agogo FPSO project director Per Dyberg said the ahead-of-schedule delivery reflected the outstanding collaboration between Yinson Production and Azule Energy. "As we hand over to our operations colleagues, I am confident the Agogo FPSO will continue to perform to the highest standards for many years to come," he said.
Yahoo
29-07-2025
- Business
- Yahoo
Vietnam Block B gas project advances with FSO contract
PTSC South East Asia (PTSC SEA), a joint venture (JV) between PetroVietnam Technical Services Corporation (PTSC) and Yinson Production, has signed a lease and operate contract for a new floating storage and offloading (FSO) unit, set to bolster the Vietnam Block B gas project offshore. The contract, awarded by the Phu Quoc Petroleum Operating Company (PQPOC), is seen as a critical step for Vietnam's energy sector, enhancing the country's infrastructure. PQPOC, established by Vietnam National Industry – Energy Group (Petrovietnam), is responsible for the operation of the Vietnam Block B gas project, which includes Blocks B&48/95 and 52/97 in the south-west offshore region of Vietnam. The project, with an annual supply of 5.07 billion standard cubic metres of gas, aims to meet the growing energy needs of the south-west part of the country and provide economic benefits to the government, Petrovietnam and investors. Integral to the project's infrastructure, the new FSO will have a storage capacity of up to 350,000 barrels of condensate and is designed to be stationed for 25 years without the need for dry-docking. The turret-moored, double-hull FSO will be installed at a water depth of 80m. The firm period of the contract spans 14 years, with a potential extension of nine more years, bringing the total value to approximately $600m (VND15.72trn). The Vietnam Block B gas project's FSO is expected to achieve first condensate by the third quarter of 2027. Yinson CEO Flemming Guiducci Grønnegaard said: 'This contract reflects our strong partnership with PTSC and our long-standing commitment to Vietnam's offshore energy sector. 'The Block B FSO builds on our successful track record in the region and highlights our ability to deliver high-quality offshore assets that meet the specific needs of our clients. We are proud to support Vietnam's efforts to enhance energy security and are confident that this project will deliver long-term value for all stakeholders.' This new deal follows a previous award in November last year to PTSC AP, another JV between Yinson Production and PTSC, for the provision, charter, operation and maintenance of an FSO for Murphy Oil's Lac Da Vang project. Earlier this year, Yinson Production Offshore Holdings, a newly formed UK-based holding company of Yinson Production, signed a definitive agreement with a group of international investment firms. This agreement involves the issuance of $1bn ($749.89bn) in redeemable convertible preferred shares, along with 10% warrants, based on a post-money valuation of $3.7bn. "Vietnam Block B gas project advances with FSO contract" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
