Yinson Production (“YP”) through its wholly owned subsidiary, Yinson Azalea Production Pte Ltd, has entered into an Agreement for Preliminary Activities (“APA”) with Azule Energy (“Azule”), through its wholly owned subsidiary Eni Angola S.p.A., to commence all preliminary activities for the provision, operation and maintenance of a floating, production, storage and offloading asset for the Agogo Integrated West Hub Development Project in Angola.
Azule is Angola’s largest independent equity oil and gas producer, and a 50/50 joint venture between BP p.l.c. and Eni S.p.A.
The APA outlines both parties’ interests in commencing preliminary work in order to meet the project schedule, while finalising firm contract(s) for the project. The term of the APA is 60 days with an approximate aggregate value of USD218 million (equivalent to approximately RM956 million).