SBM Offshore, a Netherlands-based company specializing in the design, construction, installation, and operation of offshore floating facilities, has reached an agreement with Compania Nacional de Petroleo de Guinea Ecuatorial (GEPetrol), the national oil company of Equatorial Guinea. This deal involves the transfer of a floating production, storage, and offloading (FPSO) unit, marking SBM Offshore's exit from the African nation.
Under a share purchase agreement with GEPetrol, SBM Offshore will divest its entire equity interest in the lease and operating entities of the FPSO Aseng. The company's departure from Equatorial Guinea will occur following an operational transition phase, which is anticipated to last up to 12 months.
SBM Offshore stated that the sale of its stake in this FPSO aligns with its strategy to streamline its lease and operate portfolio. However, the agreement is still subject to various conditions and approvals.
The FPSO Aseng commenced oil production in November 2011 at the Aseng field, situated in approximately 1,000 meters of water within Block I, offshore Equatorial Guinea. The initial contract was set for 15 years, with options for extensions of up to five additional years.
The FPSO contract was finalized in October 2009, with operations scheduled to begin in 2012. SBM Offshore established a joint venture with GEPetrol to own and operate the FPSO Aseng, with SBM Offshore holding a 60% stake and GEPetrol, the national oil company (NOC), owning the remaining 40%. However, the NOC is now positioned to acquire SBM Offshore’s share.
The FPSO has a processing capacity of 120,000 barrels of liquids per day, which includes 80,000 barrels of oil. It can inject up to 150,000 barrels of water per day and manage 170 million standard cubic feet of gas daily. Additionally, it has a storage capacity of 1.6 million barrels of oil, which includes up to 500,000 barrels of condensate.
This divestment follows SBM Offshore's sale of the FPSO Liza Destiny to ExxonMobil several months ago. ExxonMobil also acquired two additional units operating in the Stabroek block, including the FPSO Prosperity, which it purchased a year after acquiring the FPSO Liza Unity. Recently, the Dutch company announced the mooring of the FPSO One Guyana at the Stabroek block, with the first oil expected later this year.
