KUALA LUMPUR, Yinson Holdings Bhd’s offshore energy solutions unit, Yinson Production, has officially commenced its 15-year firm charter for the Agogo floating, production, storage and offloading (FPSO) vessel, following the issuance of the Provisional Operational Readiness Certificate (PORC) on Aug 12, 2025. The milestone comes after the Agogo FPSO achieved first oil on Aug 29, 2025 — four months ahead of schedule and just 29 months after the contract award.
“The PORC marks the start of our 15-year lease-and-operate agreement with Azule Energy, Angola’s largest independent oil and gas producer, jointly owned by BP and Eni,” Yinson said in a Bursa Malaysia filing. The agreement includes an option for annual extensions of up to five years, with a total contract value exceeding US$5 billion (US$1=RM4.20).
Yinson secured the contract in February 2023 to provide, operate and maintain the Agogo FPSO, which boasts a production capacity of 120,000 barrels per day and storage for 1.6 million barrels. The vessel is stationed at the Agogo Integrated West Hub Development Project in Block 15/06 offshore Angola. Following construction, integration, mechanical completion and commissioning, the FPSO departed Shanghai in March 2025, arrived in Angola in May and completed mooring in June.
The vessel is equipped with advanced emissions-reduction features, including a closed flare system, hydrocarbon blanketing, combined cycle technology, automated process controls, and all-electric drives — and is the first operating FPSO globally to incorporate carbon capture technology.
With PORC issuance, 97% of Yinson Production’s US$19 billion contracted revenue backlog now comes from fully operational assets. The project’s completion also allows its engineering, procurement and construction (EPC) team to focus on new developments. CEO Flemming Guiducci Grønnegaard said delivering first oil ahead of schedule demonstrates Yinson’s ability to execute complex projects on time while meeting the highest standards.
“As our first asset in Angola, the Agogo FPSO is a key step in expanding our African presence and will contribute to the nation’s economic growth,” he said. Azule Energy CEO Adriano Mongini noted the vessel’s low-carbon footprint and pioneering carbon capture technology reflect a commitment to sustainable operations, while project director Per Dyberg credited the early delivery to strong collaboration between both companies.
