Dutch Company SBM Offshore Sells Equity Interest in FPSO Aseng to GEPetrol
Dutch floating production solutions expert, SBM Offshore, has recently finalized a share purchase agreement to divest its equity interest in the lease and operating entities of the FPSO Aseng to GEPetrol, a state-owned oil company in Equatorial Guinea.
The agreement includes a transition phase that will span up to 12 months before SBM Offshore’s exit from Equatorial Guinea is complete.
This strategic move aligns with SBM Offshore’s ongoing efforts to streamline its lease and operating portfolio, mirroring similar recent transactions.
While specific financial terms of the deal have not been disclosed, the FPSO Aseng boasts impressive processing capabilities, including a capacity for 120,000 barrels of liquids per day, comprising 80,000 barrels of oil and 170 million standard cubic feet of gas per day. The unit also offers storage for up to 1.6 million barrels.
Originally commencing production in late 2011, SBM Offshore initially entered a joint venture with GEPetrol for the ownership and operation of the FPSO Aseng. Under this arrangement, SBM Offshore held a 60% stake in the joint venture, with GEPetrol holding the remaining 40%.