“The APA outlines both parties’ interest in commencing preliminary work in order to meet the project schedule, while finalizing firm contract(s) for the project,” Yinson Production indicated in a statement.
With a capacity of 120,000 barrels per day, the FPSO is projected to commence operations in mid-2026, while oil reserves in place in Block 15/06 are currently estimated at 1 billion barrels. Block 15/06 currently has two producing FPSOs.
Headquartered in Malaysia, Yinson Production operates in offshore production, renewable energy, green technologies, and offshore marine, and boasts a presence in 18 countries. Meanwhile, Azule Energy is Angola’s largest independent equity oil and gas producer and a 50:50 JV between BP and Eni.