Eni contracts FPSO for Offshore Cape Three Points Ghana development

Offshore staff

KUALA LUMPUR, Malaysia -- Eni Ghana Exploration & Production Ltd. has awarded the consortium of Yinson Production (West Africa) Pte Ltd. and Yinson Production West Africa Ltd. a contract for the charter, operation, and maintenance of an FPSO at the Offshore Cape Three Points development in the Tano basin about 60 km (37 mi) offshore Ghana. The FPSO is expected to commence operations in the OCTP block in 2017.

The contract is for a firm charter period of 15 years with five one-year extension options exercisable by the client. The estimated aggregate value of the contract (excluding reimbursable and cost escalation) during the firm charter period is approximately $2.539 billion.

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

Yinson Production (West Africa) Pte Ltd. had purchased a tanker from Golden State Petro (IOM 1-A) PLC for $26.25 million. The name of the vessel was changed to Yinson Genesis and was registered with the Registrar of Singapore Ships. Yinson Genesis will be converted from a tanker into the FPSO.

01/28/2015

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