M a r k e t N e w s

Addax extends FPSO charter

Posted on : Saturday, 25th October 2014

Yinson Holdings has announced that Addax Petroleum Development (Nigeria) Limited has extended its contract for the charter of FPSO Knock Adoon with Adoon Pte Ltd by one year with effect from 17 October 2014.
The extension contract is valued at approximately USD39.0 million (equivalent to approximately RM127.49 million) in total.
The original contract for the Floating Production Storage and Offloading (FPSO) was awarded on 17 October 2006, for eight-year period with option to renew up to eight years.
Yinson fully owns Knock Adoon, which has a capacity to process 60,000 barrels of oil a day and a storage capacity of 1.7 million barrels.
Addax, a subsidiary of Sinopec Group is engaged in the exploration, development and production of oil and gas resources in Africa, the Middle East and Europe.
In Nigeria, SINOPEC-owned Addax’s producing assets include 11 field complexes with around 60 production wells in concession OML123, two fields with 20 producing wells in concession OML 124, and two fields with 14 production wells in concession OML126.

Source : energy mix report
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