Angola - AGOGO FPSO

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Yinson enters into Agreement for Preliminary Activities for Agogo Project in Angola

Posted Date: 05 Dec, 2022

Yinson Production ("YP") through its wholly owned subsidiary, Yinson Azalea Production Pte Ltd, has entered into an Agreement for Preliminary Activities ("APA") with Azule Energy ("Azule"), through its wholly owned subsidiary Eni Angola S.p.A., to commence all preliminary activities for the provision, operation and maintenance of a floating, production, storage and offloading asset for the Agogo Integrated West Hub Development Project in Angola.

Azule is Angola's largest independent equity oil and gas producer, and a 50/50 joint venture between BP p.l.c. and Eni S.p.A.

The APA outlines both parties' interests in commencing preliminary work in order to meet the project schedule, while finalising firm contract(s) for the project. The term of the APA is 60 days with an approximate aggregate value of USD218 million (equivalent to approximately RM956 million).

1. INTRODUCTION

Yinson is pleased to announce that, on 2 December 2022 (the "Effective Date"), Yinson Azalea Production Pte Ltd ("YAPPL"), an indirect wholly owned subsidiary of the Company, has entered into the Agreement for Preliminary Activities ("APA") with Eni Angola S.p.A. ("Eni"), a wholly owned subsidiary of Azule Energy. In entering into the APA, both YAPPL and Eni have interests in commencing with the preliminary work to safeguard the project schedule in accordance to the terms therein, in anticipation of the finalisation of a contract ("Contract") for the provision of:

(a) a floating, production, storage and offloading vessel to be deployed for the Agogo Integrated West Hub Development Project, located in the West Hub part of Block 15/06 in Angola ("Agogo FPSO") to process hydrocarbons; and

(b) operation and maintenance services for the Agogo FPSO.

2. INFORMATION ON ENI

Eni Angola S.p.A. is owned by Azule Energy, the new 50/50 independent joint venture by BP p.l.c. and Eni S.p.A. Azule Energy is the largest independent equity producer of oil and gas in Angola, holding 2 billion barrels equivalent of net resources and growing to about 250,000 barrels equivalent a day (boe/d) of equity oil and gas production over the next five (5) years.

[Administrator]

YINSON PRODUCTION SIGNS FIRM CONTRACT FOR PROJECT AGOGO IN ANGOLA

KUALA LUMPUR – 28 FEBRUARY 2023

Yinson Production ("YP") is pleased to announce that it has, through wholly owned subsidiaries, entered into a firm contract with Eni Angola S.p.A., a wholly owned subsidiary of Azule Energy ("Azule"), for the provision, operation and maintenance of a floating, production, storage and offloading asset for the Agogo Integrated West Hub Development Project in Angola ("FPSO Agogo").

Azule is Angola's largest independent oil and gas producer, and a 50/50 joint venture between BP p.l.c. ("BP") and Eni S.p.A. ("Eni").

The contract has an estimated aggregate value of approximately USD5.3 billion and a firm period of fifteen (15) years from the date of the final acceptance, with the option to extend for a further five (5) years.

FPSO Agogo is expected to commence operations in the fourth quarter of 2025. The signing of the firm contract follows on from the signing of an agreement for preliminary activities on 2 December 2022 between the parties.

FPSO Agogo will be YP's first offshore production project in Angola and marks YP's eighth FPSO project in the West African region and will increase YP's total order book to approximately USD22.4 billion.

Lim Chern Yuan, Group Chief Executive Officer of Yinson Holdings Berhad, said: "The contract award is a testament of YP's standing as a reliable FPSO contractor and responsible local operator. Our longstanding relationship with Eni, one of the JV partners in Azule alongside BP, started with the contract award for FPSO John Agyekum Kufuor back in 2017, which we delivered three months ahead of schedule.

We have also maintained an excellent safety and uptime track record which paved the way for our involvement in the FPSO Agogo project. Together with our client, we hope to further contribute to the production of energy in this region."

YP Chief Executive Officer Flemming Grønnegaard, commented, "We have been operating in the African region since 1995, and this is a vital market to us. The team has gained valuable experience and skills in the region and we are ready to demonstrate once again our capabilities to deliver a world-class FPSO.

We are committed to delivering value-added results for our client, whilst implementing a low emission design that helps to mitigate climate change. Together, we hope to pioneer some sustainable technologies such as carbon capture that we believe can pave the way for the decarbonisation of the FPSO industry."

Adriano Mongini, Azule Energy CEO added, "This is a key milestone for Azule Energy. Agogo marks the start of a new wave of major investments in Angola's deep water oil production. With the right partnerships, we trust that this project will be delivered in a safe and efficient manner bringing significant value of activities for the country's oil and gas industry."

[Administrator]

Yinson Production places first order for Framo's Submerged Turbine

By utilising Framo's Submerged Turbine technology for regenerating energy from the waste cooling water flowing from offshore installations, Yinson Production will reduce its carbon footprint, cut CO2 taxes, and enable increased gas exports.

Framo AS will supply Yinson Production ("YP"), a top-tier FPSO contractor globally, with its recently introduced Submerged Turbine solution. The order was placed in Q3 - 2022, with YP becoming the first offshore operator to take advantage of this technology.

Offshore installations use huge volumes of seawater to cool their onboard operations. After use, this water is then dumped back into the sea. Since the height from the deck level to the sea level is significant, the force generated by this dumped water is considerable. The Framo Submerged Turbine utilises this flow to generate electric power for use by the offshore facility, thereby reducing its gas fuel consumption. The testing of the Framo Submerged Turbine shows that we can generate about 20% to 30 % of all power used lifting seawater to deck.

As a result of this regenerated energy capability, emissions are reduced and the customer's CO2 tax burden is eased. Furthermore, since the solution liberates gas that would otherwise be utilised for onboard energy production, there is additional gas available for sale, thus boosting revenues. Two 1 MW Framo Submerged Turbines on a mid-size offshore installation will produce the electricity equivalent to 1000 households (16000 kWh/household/yearly)

"This is a common sense solution that has so many benefits for our company. We are determined to do everything possible to support a low-carbon, climate resilient environment. By utilising this waste cooling water for energy production, we are making a positive contribution towards this ambition. Thank you Framo," commented Lars Gunnar Vogt, Chief Technology Officer of YP.

"Although the Submerged Turbine was launched only recently, the response from offshore industry stakeholders has been very strong," and we are delighted that YP has stepped up to place the initial order, and we expect others to follow very quickly. The technology provides an ingeniously simple way for saving money while improving the sustainability of their operations." Says Sigve Gjerstad, Director Offshore Pumping Systems of Framo.

The Framo Submerged Turbine is based on the design of the Framo SE pump, a technology known for its robustness and reliability. The SE pump has, during the past four decades, become the preferred seawater lift pump for numerous offshore operators around the world.

The Submerged Turbine is suitable for both new projects and for retrofitting to existing facilities, regardless of the type of seawater lift pumps used.

[Administrator]

Wednesday, June 7, 2023

MAN compressor technology set for Angolan gas production
Order for 11 compressor trains for FPSO vessel off Angolan coast



Global energy infrastructure and technology provider, Yinson, has placed an order with MAN Energy Solutions for the delivery of nine centrifugal compressor trains for gas production, gas injection as well as gas lift and export for an FPSO (Floating Production Storage and Offloading) vessel. MAN will also supply an additional two screw-compressor trains to be used as Low Pressure (LP) compression units for the same vessel.

The, in total, 11 compressor trains will be deployed aboard a vessel operated by Azule Energy and located in the Agogo field about 180 kilometers west off the coast of Angola. Discovered in 2019, the field lies in Angola Block 15/06 at a water depth of approximately 1,650 m where two FPSO vessels currently already operate. Once ready for service, the third FPSO will have a daily production capacity of up to 120,000 barrels of oil equivalent.

Basil Zweifel, Senior Vice President, Sales & Project Management at MAN Energy Solutions, said: "MAN Energy Solutions is very much looking forward to working with Yinson on this large-scale project for Angola's growing energy market in which we will play an active role by providing our technology and expertise. Our state-of-the-art compression solutions are mature technology that have proven their reliability and energy efficiency in numerous FPSO projects around the globe in recent years. With this new order from Yinson, we will once again provide all complete compressor technology equipment from a single source."

Centrifugal compressor trains

MAN Energy Solutions' scope of supply for the FPSO's gas lift, injection and export application comprises nine electrically-driven centrifugal-compression trains to maximise the gas production's flow rate and efficiency, deployed accordingly:

• three trains with type RB 45 compressors as medium-pressure systems
• three trains with type RB 35 compressors as high-pressure units
• three trains with two type RB 28 compressors each as high-pressure and gas injection units.

Screw-compressor trains

The two electrically-driven SKUEL510 screw-compressor trains will be used as LP compression units. The resulting flash gas will be pressurised by the screw compressors and fed back into the process instead of being flared off. This process will not only lead to more efficient gas production, but will also significantly reduce CO2 emissions. All compressor trains will be ready for installation during 2024.

[Administrator]

VME Process selected to provide process topside modules for Yinson Production's AGOGO FPSO, Angola



VME Process has been selected by Yinson Production for the supply of process topside modules for the AGOGO FPSO. The AGOGO FPSO will be operated in the West Hub field of Block 15/06, approximately 180 kilometers off the coast of Angola. The Agogo Integrated West Hub Development Project is operated by Azule Energy, together with its Block 15/06 partners, Sonangol P&P and SSI Fifteen Limited.

VME Process is responsible for the EPC and pre-commissioning of process modules for high pressure separation, low pressure separation, produced water treatment, closed drain skid, seawater treatment and injection.

The FPSO will have capacity for 120,000 BOPD of oil production, 230 MMSCFD of gas production and 120,000 BWPD of produced water.

Our project management team is based in our Kuala Lumpur Malaysia offices and fabrication of the modules will be executed in our Batam Indonesia fabrication yard.

"As we continue to increase our footprint in the supply of process and utility modular topsides for FPSOs, this award from Yinson Production demonstrates we have the expertise and capabilities to provide these modules on a fast track and global basis. Our project management team includes Malaysia, Indonesia and India project centers of excellence" said Eric van Meerendonk, VME Senior Project Manager.

[Administrator]

TMC selected by Yinson Production for supply of marine compressed air system to Agogo FPSO



29 January 2024 – Yinson Production has appointed TMC Compressors to supply a large marine compressed air system to its Agogo FPSO.

TMC will provide a large-capacity marine compressed air system including compressors for control and service air on board the Agogo FPSO.

TMC will manufacture and assemble the equipment in Europe and deliver it to Yinson Production's chosen conversion yard. TMC has not disclosed the value of the contract.

TMC's marine compressed air system is designed specifically for offshore and marine use. The compressors have been developed to allow the vessel crew to conduct equipment maintenance themselves. They are renowned for operational reliability and low energy consumption.

The Agogo FPSO will be operated in the West Hub field of Block 15/06 offshore Angola. The Block is operated by Azule Energy, Angola's largest independent oil and gas producer, and a 50/50 joint venture between BP p.l.c. and Eni S.p.A.

TMC Compressors is a global supplier of compressed air systems for marine and offshore use. The company is headquartered in Oslo, Norway.

[Administrator]

Yinson Production's Agogo FPSO modules transported by Blue Water's FPS team

26 March 2024

The contract involves the transport of 15 modules, with the heaviest weighing 3211 metric tonnes

Blue Water has successfully secured a substantial logistics contract with Yinson Production (YP), a leading independent owner and operator of floating storage, production and offloading vessels (FPSO) worldwide. Blue Water's Floating Productions Systems (FPS) project team will oversee the transportation of the Agogo Topside Modules for AGOGO FPSO, ensuring the execution of all logistics involved.

This achievement is a notable milestone for the team. The AGOGO FPSO will be operated by Yinson Production in the West Hub field of Block 15/06 offshore Angola for Azule Energy.

Jason Goh, Blue Water's Regional Director Asia, expressed enthusiasm about the collaboration with Yinson Production: "This collaboration is a testament to the hard work and dedication of our team at Blue Water. We are eager to contribute our expertise and deliver outstanding logistics solutions."

The contract involves the transportation of total 15 modules, with the heaviest weighing 3211 metric tonnes. The first transportation is scheduled for May 2024 and will involve both domestic transportation within China and international transportation from Indonesia and Vietnam to China.

[Administrator]

Yinson Production completes USD 1.3 billion debt financing for the Agogo FPSO

• The multi-tranche financing with a maturity of up to 10 years post-delivery of the Agogo FPSO combines banks and institutional investors in one transaction
• Yinson Production was awarded the contract for the Agogo FPSO with a total contract value of up to approximately USD 5.7 billion in February 2023
• The Agogo FPSO, designed with a full suite of carbon emission reduction technologies, is the first-ever FPSO featuring carbon capture technology

Yinson Production is pleased to announce the successful closing of the limited recourse term loan facility of up to USD 1.3 billion for the pre- and post-delivery financing of the Agogo FPSO.

The financing is provided by a consortium of 13 lenders, including international banks and institutional investors, and will be utilised over the course of the construction of the FPSO. The financing comprises three pari-passu secured tranches with staggered maturities of up to 10 years post-delivery of the FPSO. Subject to satisfaction of certain conditions, the financing will become non-recourse post-delivery of the FPSO. Standard Chartered Bank (Singapore) Ltd. acted as Global Coordinating Bank for the financing.

Yinson Production entered into a firm contract for the provision, operation and maintenance of the Agogo FPSO with Azule Energy, a 50/50 joint venture between BP and Eni, Angola's largest independent oil and gas producer, in February 2023. The contract has a firm operation period of 15 years, with additional optional periods of up to 5 years and a total contract value of up to approximately USD 5.7 billion. The Agogo FPSO will have a production capacity of 120,000 barrels of oil per day. Once construction is completed, the Agogo FPSO will be deployed to the Agogo Integrated West Hub Development Project located in the West Hub of Block 15/06 offshore Angola.

The Agogo FPSO is designed with a comprehensive suite of carbon emission reduction technologies, including the first-ever carbon capture technology onboard an FPSO. With an estimated reduction of carbon emissions of 27% compared to a conventional design, the Agogo FPSO also incorporates other technologies to reduce emissions including closed flare system, hydrocarbon blanketing, combined cycle technology, automated process controls and all electric drives systems. These features are integral to Yinson Production's transition towards achieving carbon neutral by 2030 and net zero by 2050.

Commenting on the successful closing of the financing, Yinson Production's Chief Financial Officer, Markus Wenker said, "This transaction is a significant milestone for Yinson Production. It not only is our single largest financing to date, but the commercial multi-tranche structure – the first of its kind in the industry – significantly increases the efficiency of the financing compared to traditional structures, whilst diversifying the funding base by combining different lender groups in a single transaction. We thank all our lenders for their trust in us and support in passionately delivering this powerful financing solution for the Agogo FPSO."
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Gramercy participates in project financing of Agogo FPSO for Yinson Production

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Carbon Circle Signs Pioneering EPC Contract for Offshore Carbon Capture

Carbon Circle AS has been awarded an Engineering, Procurement & Construction (EPC) contract by YINSON PRODUCTION (YP) for a world-first post combustion carbon capture unit to be installed and integrated on a floating offshore O&G installation.

The unit will be installed on Yinson's newly awarded FPSO for the Agogo Integrated West Hub Development Project in Angola ("FPSO Agogo"). The FPSO will commence operation in 2025 on behalf of Eni Angola S.p.A., a wholly owned subsidiary of Azule Energy ("Azule"). Azule is Angola's largest independent oil and gas producer, and a 50/50 joint venture between BP p.l.c. ("BP") and Eni S.p.A. ("Eni"). The unit will be delivered in Q3 2024, and when in operation will perform partial capture of CO2 from the exhaust of a Gas Turbine and the chosen technology is an amine-based capture process.

Mr. Aslak Hjelde, CEO of Carbon Circle AS, commented: "We are proud to be entrusted to achieve this milestone, which demonstrates our ambitions and capabilities of being a frontrunner in providing innovative decarbonization solutions to the worldwide energy industry. We are committed to leverage our knowledge and experience in supplying greener energy to the world, and with this key CCS project we are pleased to continue our journey towards a low-carbon future."

Carbon Circle AS delivers EPC projects from early phase studies to project execution and commissioning. Building on over 30 years of experience from EPC contracts across a broad range of energy segments, from Oil & Gas to Energy-from-Waste, Carbon Circle brings the necessary expertise to execute projects that help customers meet their ESG targets and partake in the energy transition.

[Administrator]

Yinson Production celebrates the naming and sail away of the Agogo FPSO

20 Feb 2025



Yinson Production has officially named the Agogo FPSO at a grand naming and sail away ceremony held at Cosco Shipping Heavy Industry (Shanghai) Shipyard in Shanghai, China. The vessel is now preparing to set sail for Angola, where she will operate in the Agogo Integrated West Hub Development Project in Block 15/06 offshore Angola for Azule Energy under a 15-year firm charter with the option to extend for another five years, and a total contract value of up to approximately USD 5.3 billion.



The ceremony was graced by the vessel's Godmother, Evelise Neto Azevedo, alongside representatives of key stakeholders, including Angola's Secretary of State for Petroleum and Gas, José Alexandre Barroso, the CEO of Angola National Agency of Petroleum, Gas and Biofuels (ANPG), Paulino Fernando Jeronimo, Azule Energy's CEO, Adriano Mongini, Yinson Production's CEO, Flemming Grønnegaard, Agogo FPSO's Project Director, Per Dyberg, , and Cosco Shipping Heavy Industry's Director & General Manager, Jiang Jijiang. Also in attendance were directors and members of the senior management of Yinson Production, Yinson Holdings, Azule Energy, Cosco Shipping Heavy Industry, financiers, and key suppliers.

Awarded to Yinson Production by Azule Energy in February 2023, the Agogo FPSO features cutting-edge carbon reduction technologies. These technologies include closed flare system, hydrocarbon blanketing, combined cycle technology, automated process controls, all-electric drive systems as well as the first pilot of a post-combustion carbon capture system on an FPSO. This aligns with Yinson Production's goal of being carbon neutral by 2030 and net zero by 2050 as the carbon-reducing technologies onboard the FPSO are expected to reduce carbon emissions by up to 27%.

Grønnegaard commented, "We are thrilled to celebrate this key milestone with our client and all partners involved in this project. Featuring a full suite of technologies to reduce carbon emissions, including carbon capture technology, the Agogo FPSO is a true gamechanger in the industry and underscores our commitment to reducing the environmental footprint of our operations. With a wealth of experience operating offshore assets to the highest standards in Africa since 1995, Angola is a new addition to our operations, and we look forward to contributing to Angola's energy security. I extend my gratitude to Azule Energy and all stakeholders for their trust and support, as we remain committed to achieving first oil on schedule."

Dyberg added, "The successful and safe early delivery of the Agogo FPSO is a testament to the dedication and collaboration of our teams and partners. This has been an incredible journey, requiring engineering expertise and operational excellence."

Mongini said, "the completion of the Agogo FPSO with several months ahead of the established timeline underscores the project execution capabilities of Azule Energy and the perfect synergy among all stakeholders. This milestone maximises reserves in Block 15/06, including the tails of the mature fields of the area.''

[Administrator]

ANPG and Azule Energy Announce First Oil from the Agogo FPSO



LUANDA, Angola – 29 July, 2025 – The National Agency for Petroleum, Gas and Biofuels (ANPG) and Azule Energy announced on Tuesday, 29 July, the successful startup and first oil production from the Agogo FPSO. This is the centrepiece of the Agogo Integrated West Hub (Agogo IWH) project, offshore Angola, which involves the development of two fields, Agogo and Ndungu, in the West Hub of Block 15/06.

The Agogo IWH project operated by Azule Energy in Block 15/06, with a 36.84% stake alongside partners Sonangol E&P (36.84%) and Sinopec International (26.32%), is set to add substantial production to Angola's energy landscape. The Agogo and the Ndungu fields, combined have estimated reserves of approximately 450 million barrels, with projected peak production of 175,000 barrels per day, produced via two FPSOs (Agogo and Ngoma).

Sanctioned in February 2023, the Agogo IWH project began production in just 29 months, setting new benchmarks for the industry. This was made possible by a phased development approach, allowing for development while appraising, which helped de-risk the full field exploitation.

The milestone now reached is the result of a coordinated effort, with over 40 million man-hours executed across more than 15 countries. The project leveraged in-house competencies and a tailored organisational model, enabling the parallelisation of activities across reservoir, engineering, and procurement. The achievement not only underscores the project's operational excellence but also establishes a new gold standard in delivering deepwater oil and gas projects at record speed, whilst maintaining constant focus on safety.

The Agogo FPSO reflects the industry's commitment to technological innovation and a lower-emissions future. With this sustainability-focused agenda, it integrates a variety of advanced solutions designed to minimise operational environmental impact while maximising operational efficiency.

All topside and marine systems have been designed to be fully electric. Designed with sustainability at its core, the Agogo FPSO integrates a variety of advanced solutions aimed at minimising operational environmental impact while maximising efficiency, including the first Combined Cycle Power Generation units ever deployed on an FPSO and the world's first post-combustion carbon capture and storage system onboard such a facility at pilot scale. Additionally, the FPSO benefits from combined cycle power generation.

With these pioneering initiatives together with a number of carbon compensation projects that are under implementation, ANPG and the Block 15/06 Contractor Group are introducing the first FPSO in Angola where operational carbon emissions are fully offset.

"This new milestone that we have recorded in the Agogo Project reinforces our certainty that we have made the right investment in technological innovation and the valorisation of Angola's natural resources, in an industry where it is essential to combine sustainability, efficiency and inclusion procedures. It is worth highlighting that this is an FPSO prepared to reduce carbon emissions, aligning with energy transition objectives.

Furthermore, it demonstrates a strong investment in national human capital, with 80% of the workforce comprised of Angolans", declared the
Chairman of the Board of Directors of ANPG, Paulino Jerónimo.

"The startup of the Agogo IWH project, sanctioned just months after Azule Energy's formation, represents a defining moment for our company," said Adriano Mongini, CEO of Azule Energy. "It demonstrates not only our technical capabilities but also our firm commitment to supporting Angola's energy landscape. This achievement advances our production goals whilst showcasing our dedication to responsible energy practices through pioneering emission reduction initiatives. We are immensely proud to contribute to Angola's energy future and to set new standards for
environmental responsibility in offshore operations."

This landmark achievement marks a dual historical milestone: it's the first oil from a new FPSO in Angola since ANPG was established as the new National Concessionaire in 2019, and it's also Azule Energy's first major project to come online since the joint venture was established in 2022.
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