SBM Offshore Exits Equatorial Guinea with Aseng FPSO Divestment

SBM Offshore Exits Equatorial Guinea with Aseng FPSO Divestment.jpg

SBM Offshore has signed a share purchase agreement for the full divestment of its equity interest in the lease and operating entities of the Aseng floating production, storage and offloading (FPSO) unit to GEPetrol.

SBM Offshore’s exit from Equatorial Guinea will take place following an operational transition phase lasting up to 12 months.

According to the company, its sale of its participation in the unit in Equatorial Guinea is in line with its strategy to rationalize its Lease & Operate portfolio, as per other recent transactions.

The agreement remains subject to several conditions precedent and approvals.

The Aseng FPSO has processing capacity for 120,000 barrels of liquids per day, including 80,000 barrels of oil and can handle 170 million standard cubic feet of gas per day. The unit has storage capacity for 1.6 million barrels.

The first oil production by the FPSO was achieved in 2011.

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