Azule Energy has entered into an agreement with Yinson Azalea Production Pte Ltd. activities related to the provision, operation, and maintenance of an FPSO for the Agogo integrated west hub development project offshore Angola, Yinson Production said in a Dec. 5 release.
The agreement, made through Azule subsidiary Eni Angola SpA, outlines both parties’ interests in beginning preliminary work to meet the project schedule, while finalizing firm contracts for the project. The term is 60 days with an aggregate value of about $218 million.
Azule Energy is a 50-50 joint venture between bp PLC and Eni SPA. The company holds 2 billion boe net resources in Angola and has stakes in 16 licenses, of which 6 are exploration blocks. Agogo field is in Block 15/06, about 180 km from the coast in 1,700 m of water.