Dutch floating production specialist SBM Offshore has reached an agreement to divest its entire ownership in the FPSO Aseng lease and operations business to GEPetrol, marking its planned exit from Equatorial Guinea.
The company will undergo a transition period of up to one year before fully withdrawing from the country.
According to SBM Offshore, this sale aligns with its ongoing strategy to optimize its leasing and operations portfolio, following a series of recent divestments.
The deal remains subject to necessary approvals and conditions, with financial details undisclosed.
The FPSO Aseng is capable of processing up to 120,000 barrels of liquids per day, including 80,000 barrels of oil, and handling 170 million standard cubic feet of gas daily. It has a storage capacity of 1.6 million barrels.
Production from the unit commenced in late 2011 when SBM Offshore and GEPetrol established a joint venture to co-own and operate the facility. SBM Offshore initially held a 60% stake, while GEPetrol retained the remaining 40%.
