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Yinson to supply Eni FPSO off Ghana



Ghana win: Yinson will supply the FPSO for Eni's Offshore Cape Three Points project
AP/SCANPIX

Josh Lewis
28 January 2015 03:34 GMT
Malaysia's Yinson Holdings has landed a contract from Eni to supply the Italian giant with a floating production, storage and offloading vessel for its Offshore Cape Three Points deep-water project, off Ghana.
The contract will run for a firm 15-year period with five yearly extension options. The firm charter period carries a contract value of $2.54 billion, which will climb to a total aggregate value of up to $3.26 billion should Eni exercise all five options.
Wednesday's announcement confirms earlier reports in Upstream the Malaysian company was in pole position to supply the FPSO for the Offshore Cape Three Points project.
“We have been working with Eni on the front-end engineering design competition for this project for over a year and are therefore confident that we will be able to deliver the FPSO in accordance with the schedule, achieving first oil by mid 2017,” the chief executive of Yinson's FPSO division, Eirik Barclay said.
“By collaborating closely with our local partner Oil Marine Agencies Ghana, we will also ensure that we not only achieve the required local content requirements of the project but also meet the expectations of the project partners and local authorities in supporting the development of the Ghanaian oil and gas industry.”
Yinson will convert its recently acquired Yinson Genesis very large crude carrier into an FPSO with an oil processing capacity of 58,000 barrels per day, gas injection capacity of 150 million cubic feet per day and a maximum future gas export capacity of 210 MMcfd. It will also be capable of storing 1.7 million barrels of oil.
Once completed, the FPSO will be spread moored in an average water depth of 1000 metres in the Tano basin, about 60 kilometres off the coast of Ghana.
Yinson's announcement comes just a day after Eni revealed it had sanctioned the Offshore Cape Three Points project which will see the development of the Sankofa and Nye Gyame discoveries.
The project is expected to produce first oil by 2017, with first gas to follow in 2018, reaching peak production of 80,000 barrels of oil equivalent per day in 2019.
The Sankofa and Gye Nyame discoveries hold in-place resources of about 1.2 trillion cubic feet of gas and 490 million barrels of oil, of which about 150 million barrels is estimated to be recoverable.