Malaysia's Yinson Holdings has won a US$2.5 billion FPSO charter and operation contract with Eni on the deepwater Offshore Cape Three Points Block (OCTP), offshore Ghana.
The contract, agreed between Eni and Yinson companies Yinson Production (West Africa) (YPWA) and Yinson Production West Africa Limited (YPWAL) covers the charter, operation and maintenance of an FPSO facility for 15 years, with five yearly extension options.
Image: The OCTP project. Image from Eni.
The FPSO is expected to start operations in the OCTP block, in the Tano basin, about 60km offshore Ghana, in 2017.
OCTP will provide domestic gas supply to Ghana’s thermal power plants for more than 15 years. The development will include oil and non-associated gas fields that will access around 41 Bcm of gas and 500 MMbbl in place. First oil from the development is expected in 2017 and first gas in 2018. Peak production is expected to be 80,000 boe/d in 2019.
The OCTP block is operated by 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%.
YPWA is an indirect wholly-owned subsidiary of the Company incorporated in Singapore on 5 May 2014 and is principally involved in the ship management services incidental to oil and gas extraction (excluding surveying).
YPWAL is a Ghanaian joint venture company of Yinson Production (YPPL)(49%) and Oil and Marine Agencies Ghana (OMA)(51%).
YPPL is an indirect wholly-owned subsidiary of Yinson principally involved in the ship management services incidental to oil and gas extraction.
OMA is an indigenous Ghanaian company, principally involved, among others, in the provision of offshore support services, logistics & freight forwarding, vessel husbandry and liner agency.
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