Yin­son inks Nige­rian agree­ment

New Straits Times - - BUSINESS / NEWS -

KUALA LUMPUR: Yin­son Hold­ings Bhd’s sub­sidiary, Yin­son Pro­duc­tion Pte Ltd, has signed an agree­ment with Yin­son Oper­a­tions & Pro­duc­tion West Africa Ltd and Nige­rian oil and gas com­pany First Ex­plo­ration & Pro­duc­tion (First E&P) to sup­ply and char­ter a float­ing pro­duc­tion stor­age and of­fload­ing (FPSO) unit in Nige­ria.

The agree­ment will in­volve pro­cess­ing of hy­dro­car­bons from the Anyala and Madu fields un­der oil min­ing leases 83 and 85, off­shore Nige­ria.

“The agree­ment is in­tended to cre­ate a mu­tu­ally ex­clu­sive re­la­tion­ship be­tween the par­ties and to fa­cil­i­tate ex­clu­sive ne­go­ti­a­tions for the pro­vi­sion and op­er­a­tion of float­ing pro­duc­tion stor­age and of­fload­ing in the fields,” said Yin­son in a Bursa Malaysia fil­ing yes­ter­day.

Fur­ther, oil­field ser­vices com­pany Schlumberger has also agreed to in­vest US$700 mil­lion (RM2.8 mil­lion) in devel­op­ment of a project off Nige­ria un­der a tri­par­tite pact with a joint ven­ture in­volv­ing state-owned Nige­rian Na­tional Petroleum Cor­po­ra­tion (NNPC).

The agree­ment, inked with the al­liance be­tween NNPC and First E&P, covers devel­op­ment of the Anyala and Madu fields in Niger Delta.

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