Addax Petroleum Development (Nigeria) has exercised its contractual option to purchase Yinson Production (YP) Floating Production Storage and Offloading (FPSO) Adoon at the end of the 16 years contract period.
This was revealed in a statement officially released by Flemming Grønnegaard, Chief Executive Officer, Yinson Production, announcing the transaction.
According to him the sale was successfully completed after the end of 16-year contract for FPSO Adoon, which has been operating at Antan field offshore block, OML 123 offshore Nigeria.
EnergyDay ‘s check showed that Yinson, is a Malaysia-based provider of floating production units to the international oil and gas industry.
Flemming said, ”It fills us with pride to know that FPSO Adoon has been able to contribute significantly to Nigeria’s energy landscape for the past 16 years, positively impacting the local economy and wellbeing of the community.
“This has been made possible by our passionate team at Port Harcourt, with unwavering support from our client Addax, the regulatory bodies in Nigeria and the local community and supply chain.”
EnergyDay gathered that the contract had an original period of 8 years until 2014 with the option to extend by up to 8 more years until 2022. The contract was further extended by client Addax Petroleum Development (Nigeria), through consecutive monthly extensions until January 2023.
FPSO Adoon was constructed by YP’s predecessor company, Fred. Olsen Production ASA, for Addax and commenced operations in October 2006.
Since the commencement, the asset has provided safe and reliable operations to the client with an average technical uptime above 99.9% and no Lost Time Injuries (LTIs) for the last 11 years.
FPSO Adoon has produced over 212 million barrels of oil and clocked more than 6 million offshore manhours over its contract tenure.
FPSO to process, store and offload crude oil to ocean-going tankers. it has capacity to designed to store a minimum of 1,700,000 barrels of crude oil. The facility offers a processing capacity of 60 mbbls/day of crude oil and a total liquids (oil and water) processing capacity of 140 mbbls/day.