Netherlands-based SBM Offshore Bids Farewell to FPSO Aseng in Equatorial Guinea

Netherlands-based SBM Offshore, a leading provider of offshore floating facilities, has finalized a deal with Compania Nacional de Petroleo de Guinea Ecuatorial (GEPetrol), Equatorial Guinea’s national oil company, to divest its interest in the floating production, storage, and offloading (FPSO) unit Aseng, marking its exit from the African country.

Under a share purchase agreement, SBM Offshore will transfer its full equity stake in the lease and operating entities of the FPSO Aseng to GEPetrol. The transition process is expected to span up to 12 months before the Dutch company completely exits Equatorial Guinea.

Explaining the rationale behind the divestment, SBM Offshore stated that the move aligns with its strategy to optimize its lease and operate portfolio. However, the agreement remains subject to various conditions precedent and regulatory approvals.

The FPSO Aseng Legacy

The FPSO Aseng commenced oil production in November 2011 on the Aseng field in Block I offshore Equatorial Guinea, operating in waters approximately 1,000 meters deep. Originally contracted for 15 years with extension options up to five years, the FPSO played a pivotal role in the region’s oil and gas operations.

Initially formed as a joint venture between SBM Offshore and GEPetrol, with the Dutch company holding a 60% stake and the NOC owning the remaining 40%, the FPSO Aseng has been a key asset in Equatorial Guinea’s energy landscape.

Key Features of FPSO Aseng

With a processing capacity of 120,000 barrels of liquids per day, storage for 1.6 million barrels of oil, and gas handling capabilities of 170 million standard cubic feet per day, the FPSO Aseng has been a significant contributor to Equatorial Guinea’s oil and gas production.

Strategic Divestment Moves

The sale of FPSO Aseng follows SBM Offshore’s recent divestment of FPSO Liza Destiny to ExxonMobil and the successful mooring of FPSO One Guyana at the Stabroek block. These strategic moves underscore SBM Offshore’s commitment to optimizing its portfolio and focusing on key growth areas in the offshore energy sector.

As SBM Offshore continues to evolve its operational footprint, the company remains a key player in the global offshore energy industry, driving innovation and efficiency in floating production solutions.