Japanese firms taking stake in Ghana FPSO

Four Japanese entities have teamed up to buy a stake in an FPSO owning and leasing company, run by Malaysia’s Yinson Holdings.

The four companies, Kawasaki Kisen Kaisha, Sumitomo Corporation, JGC Corporation, and Development Bank of Japan Inc, have signed a heads of agreement to jointly acquire 26% of the share of Yinson Production (West Africa) Pte. Ltd., an FPSO owning company operated by Yinson.

The company owns and operates the John Agyekum Kufuor FPSO, which has recently arrived in Ghana and started oil production from Eni’s giant Sankofa offshore oil and gas field.

The vessel, to remain on contract with Eni for 15 years, started oil production May.

The domestic supply of natural gas from FPSO is expected to start in Ghana by mid-2018. According to Yinson, the Japanese are expected to pay between $104 million $117 million for the transaction.

“An announcement regarding the salient terms of the definitive agreements will be made once the definitive agreements have been entered into by the parties in due course,” Yinson said.

FPSO John Agyekum Kufuor

 

The FPSO was built in Singapore by Keppel Shipyard and was named in February by Ghana’s First Lady, Rebecca Akufo-Addo, after Ghana’s President Emeritus, John Agyekum Kufuor.

According to specs, it is 333 meters in length and 60 meters wide, has a storage capacity of 1.7 million barrels, a double hull to reduce environmental risks, and a treatment capacity of 58,000 oil barrels per day.

Also, it has a design life of 20 years without dry docking and can be moored in an average water depth of 1,000m with a total topside weight of almost 15,000 tonnes.

The FPSO’s gas injection capacity is 150 mmscfd while the maximum future gas export capacity is 210 mmscfd.

Offshore Energy Today Staff

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