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.
Read More: Yinson looking at three to six FPSO projects in Africa, Asia
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