Yinson gets final payment for Ghana FPSO stake sale

Malaysian floating production and storage vessel provider Yinson has received a $13 million payment from a Japanese consortium regarding the proposed sale of stake in a Yinson subsidiary which owns and operates the John Agyekum Kufuor FPSO in Ghana.

 John Agyekum Kufuor FPSO in Ghana; Image source: Eni
John Agyekum Kufuor FPSO in Ghana; Image source: Eni

To remind, four Japanese entities in 2017 teamed up to buy a 26 percent stake in  Yinson Production (West Africa) from Yinson.  Yinson at the time said that the Japanese consortium would pay between $104 million $117 million for the transaction.

Yinson on Thursday said that Japan Sankofa Offshore Production Pte. Ltd. “had on 20 June 2019 made the payment for the remaining consideration amounting to a total sum of $13.0 million” for the proposed sale of a 26 percent stake in Yinson Production (West Africa) Pte. Ltd.

A little over a year ago, the Malaysian FPSO company said that the proposed disposal had been completed on June 6, 2018, but the final $13 million payment was subject to the passing of the first year anniversary of the transaction completion date.

Yinson on Thursday said that following the $13 million payment, the total final consideration for the disposal was $117 million “which is the maximum Consideration receivable for the Proposed Disposal.”

With the acquisition, the Japanese consortium acquired a 26 percent stake in Yinson Production (West Africa) Pte. Ltd., which owns and operates the John Agyekum Kufuor FPSO, last year 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 formally started oil production in July, 2017.

Built by Singapore’s Keppel, the FPSO is 333 meters in length and is 60 meters wide. It 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.

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


Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email.

Offshore Energy Today, established in 2010, is read by over 10,000 industry professionals daily. We had nearly 9 million page views in 2018, with 2.4 million new users. This makes us one of the world’s most attractive online platforms in the space of offshore oil and gas and allows our partners to get maximum exposure for their online campaigns. 

If you’re interested in showcasing your company, product or technology on Offshore Energy Today contact our marketing manager Mirza Duran for advertising options.

Share this article

Follow Offshore Energy Today

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

8th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Gas Indonesia Summit 2019

Gas Indonesia Summit & Exhibition is returning for the fourth edition in Jakarta…

read more >

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply