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Business News of Friday, 21 February 2020


Aker Energy to award Pecan FPSO deal to Yinson

Svein Jakob Liknes, CEO of Aker Energy Svein Jakob Liknes, CEO of Aker Energy

Norwegian oil company Aker has penned a letter of Intent (LOI) to award its future operations and maintenance works on its floating, production, storage and offloading (FPSO) vessel at the Pecan field to Yinson Holdings Berhad.

The LOI follows a competitive tender and demonstrates Aker Energy’s intention to award the forthcoming bareboat charter and operations and maintenance contract for the FPSO for the planned development of the Pecan field in the Deepwater Tano Cape Three Points (DWT/CTP) block offshore Ghana, Aker Energy said on Friday.

Aker’s deal with Yinson Holdings Berhad will run for ten years followed by five-yearly extension options exercisable by Aker Energy as operator on behalf of the license partners Lukoil, Fueltrade and Ghana National Petroleum Corporation (GNPC).

“We are continuing with our preparations for the Pecan project and awarding an LOI for the future contracts for the FPSO vessel is certainly a key milestone,” says Mr. Svein Jakob Liknes, CEO of Aker Energy.

At approximately 2,400 meters below sea, the FPSO will be located over and connect to the subsea production system located level once developed and installed.

The FPSO will be Yinson’s second vessel to operate in Ghanaian waters, with the first being FPSO John Agyekum Kufuor, operating for Eni since 2017.

“Once in operation, the project will bring significant revenues to the country as well as direct and indirect job opportunities for indigenous companies and individuals,” said Kadijah Amoah, Country Director of Aker Energy in Ghana.