The Dutch deepwater ocean-infrastructure provider SBM Offshore has signed a Share Purchase Agreement (SPA) for the sale of its equity interest in the lease and operating entities of the FPSO Aseng to Equatorial Guinea’s national oil company (NOC), Compania Nacional de Petroleo de Guinea Ecuatorial (GEPetrol). The 120,000 bbl/d Asen FPSO was contracted in October 2009 and started oil production in November 2011 within Block I offshore Equatorial Guinea. SBM Offshore set up a joint venture with GEPetrol to own and operate the FPSO (60% SBM Offshore and 40% GEPetrol). The 15-year lease included provisions for further extensions up to 5 years.
The agreement remains subject to several conditions precedent and approvals and should result in an operational transition phase lasting up to 12 months, and eventually in SBM Offshore's exit from Equatorial Guinea. The transaction is in line with the company's strategy to rationalise its Lease & Operate portfolio.