Global energy infrastructure and technology company Yinson Production has entered into an agreement with Azule Energy for the provision of a Floating Production Storage and Offloading (FPSO) unit and to start preliminary activities for the Agogo Integrated West Hub Development Project in Angola’s offshore Block 15/06.
The deal, which is worth $218 million, will cover the provision, operations, and maintenance of the FPSO asset, with the Agreement for Preliminary Activities (APA) set to last 60 days, offering the companies the opportunity to meet the project schedule while developing a firm contract.
“The APA outlines both parties’ interest in commencing preliminary work in order to meet the project schedule, while finalizing firm contract(s) for the project,” Yinson Production indicated in a statement.
With a capacity of 120,000 barrels per day, the FPSO is projected to commence operations in mid-2026, while oil reserves in place in Block 15/06 are currently estimated at 1 billion barrels. Block 15/06 currently has two producing FPSOs.
Headquartered in Malaysia, Yinson Production operates in offshore production, renewable energy, green technologies, and offshore marine, and boasts a presence in 18 countries. Meanwhile, Azule Energy is Angola’s largest independent equity oil and gas producer and a 50:50 JV between BP and Eni.
