Camac secures long-term FPSO contract

Camac Energy Inc. has signed a letter of intent regarding terms and conditions of a long-term agreement for the Armada Perdana floating production, storage, and offloading vessel.

The agreement encompasses an initial term of 5 years beginning Jan. 1, with an automatic extension for an additional 2 years unless terminated by Camac with prior notice. The parties are working toward executing a definitive agreement on or before Jan. 31.

The Armada Perdana FPSO can process as much as 40,000 b/d of oil and has a storage capacity of 1 million bbl. It currently supports production of 2,000 b/d of oil and 40 MMcfd of natural gas from the Oyo field offshore Nigeria in OML 120.

Camac has proceeded with the roadshow presentation to institutional investors for the proposed $300 million bond offering that will provide the company with the capital to complete Oyo-7 and drill and complete Oyo-8 and 9. Pro forma closing of the Allied Energy PLC transaction, these three wells will bring online a total of 21,000 b/d of oil net.

The Oyo-7 well encountered oil and gas in the producing Pliocene reservoir in October (OGJ Online, Oct. 16, 2013), and in November confirmed the presence of oil in Miocene (OGJ Online, Nov. 13, 2013).

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...