Petroleum Africa
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Tuesday, December 6, 2022
Yinson Holdings Bhd’s subsidiary Yinson Production Ltd, has entered into an agreement with Azule Energy (Azule) for preliminary activities for the Agogo Integrated West Hub Development Project in Angola.
Yinson said its subsidiary, Yinson Azalea Production Pte Ltd, has signed an agreement with Azule’s subsidiary Eni Angola S.p.A for the project.
Azule Energy will commence all preliminary activities for the project’s provision, operation and maintenance of a floating, production, storage and offloading asset.
Azule Energy is Angola’s largest independent equity oil and gas producer and a 50/50 joint venture between BP and Eni S.p.A.
Yinson said the agreement for the preliminary activities outlines both parties’ interests in commencing preliminary work.
“This is to meet the project schedule while finalizing firm contract(s). The term of the agreement is 60 days with an approximate aggregate value of $218 million (equivalent to approximately RM956 million),” it added.
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