Dutch floating production specialist SBM Offshore has entered into a deal to sell its entire ownership in the FPSO Aseng lease and operations business to GEPetrol.
The company plans to fully withdraw from Equatorial Guinea after completing a transition period of up to one year.
SBM Offshore stated that the sale aligns with its ongoing efforts to streamline its leasing and operations portfolio, consistent with other recent divestments.
The agreement is still pending various required approvals and conditions. The financial terms were not disclosed.
The Aseng vessel can process up to 120,000 barrels of liquids daily, including 80,000 barrels of oil, and handle 170 million standard cubic feet of gas per day. Its storage capacity reaches 1.6 million barrels.
Production from the unit began in late 2011, when SBM Offshore and GEPetrol formed a joint venture to co-own and operate the facility. SBM held a 60% stake, while GEPetrol owned the remaining 40%.
source: splash247.com
African Energy Council