Yinson in talks for another Nigeria FPSO project

Yinson in talks for another Nigeria FPSO project

True to its projections, Malaysia’s Yinson Holdings announced that it has entered negotiations with a Nigerian company to supply a floating production storage and offloading (FPSO) unit.

Yinson said in a stock market announcement that its Yinson Operations & Production West Africa unit had entered into a heads of terms with Nigeria’s First Exploration & Petroleum Development Company (First E&P) to negotiate the potential supply and charter of the FPSO.

The FPSO will process the hydrocarbons from the Anyala & Madu fields under Oil Mining Leases 83 & 85. First E&P owns 40% of the rights to the fields with the remainder being held by Nigerian National Petroleum Corporation (NNPC).

Negotiations will commence for what is expected to be a seven-year fixed with eight-year optional extension, bareboat charter and operations and maintenance agreement.      

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