3 days ago
Yinson Production begins 15-year charter for Agogo FPSO after early first oil in Angola
Agogo FPSO successfully moored and hooked up at the West Hub, Block 15/06, Offshore Angola
PETALING JAYA: Yinson Production has announced that the 15-year firm charter for the Agogo floating production storage and offloading (FPSO) vessel has officially commenced, following the issuance of the Provisional Operational Readiness Certificate (PORC) on Aug 12.
The company, an independent owner and operator of FPSO vessels worldwide, said the Agogo FPSO had earlier achieved first oil on July 29, 2025 — four months ahead of original schedule and 29 months after 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.
'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$5bil.'
Yinson Production said it had 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 1,600,000 barrels of oil, the Agogo FPSO is deployed to the Agogo Integrated West Hub Development Project located 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.'
Yinson Production said the Agogo FPSO 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, approximately 97% of Yinson Producfion's total contracted revenue backlog of approximately US$19bil now stems from assets that are fully operational.
'In addition, the successful completion of this major project also frees the project's engineering, procurement, and construction team to pursue and execute new projects.'
Commenting on this significant milestone, Yinson Production chief executive officer Flemming Guiducci Gronnegaard stated: 'Achieving first oil for the Agogo FPSO approximately four months ahead of schedule and 29 months after contract award is a truly remarkable milestone.
'This success once again highlights Yinson Production's excellence in delivering complex projects on or even ahead of time and to the highest standards — providing our clients with certainty and creating long-term value.'
As our first asset in Angola, Gronnegaard said the Agogo FPSO also marks an important expansion of our footprint in Africa and will positively contribute to Angola's economic growth.
'We are deeply grateful to our client, Azule Energy, and all our partners for their strong collaboration and unwavering commitment throughout this project.'
