Yinson FPSO for Eni’s OCTP block (Ghana)

Malaysia’s Yinson has been awarded a contract for the chartering, operation and maintenance of an FPSO facility by Italy’s Eni. The FPSO will be deployed at the recently sanctioned Offshore Cape Three Points Block (OCTP), located in the Tano Basin, around 60 km off the coast of Ghana.

The signing of the FPSO contract took place on Tuesday, January 27, 2015 and it is effective immediately. According to Yinson, the contract is for a firm charter period of 15 years with 5 yearly extension options.

The estimated value of the contract during the firm charter period is approximately up to $2.5 billion. Should Eni decide to fully exercise its options the value of the contract will be $3.2 billion.

The FPSO is scheduled to start the operations in the OCTP block in 2017.

The OCTP block is operated by Eni’s subsidiary eni Ghana (47.2%) with other partners of the joint venture, Vitol Upstream Ghana Limited (37.8%) and the Ghanaian state-owned Ghana National Petroleum Company (15%) with the option for an additional 5%.

To remind, Eni and the partners yesterday signed the agreement with the President of the Republic of Ghana and the Minister of Petroleum to proceed with the OCTP project in Ghana.

Yinson already bought a vessel that is going to be converted into an FPSO and deployed at OCTP block. The vessel, tanker named Ulriken, was bought from Golden State Petro for $26.25 million and its name was subsequently changed to Yinson Genesis.

Offshore Energy Today Staff

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