A subsidiary of Eni S.p.A. (NYSE: E) has signed a contract extension with BW Offshore (FRA: XY81) for a floating production, storage and offloading (FPSO) vessel, BW Offshore reported Monday.
According to BW Offshore, the extension agreement with Nigerian Agip Exploration Ltd. (NAE) secures the Abo FPSO for the Eni subsidiary until the end of the fourth quarter of this year. Moreover, the deal includes options for Abo FPSO until the second quarter of 2023, BW Offshore stated.
The Abo FPSO can produce up to 44,000 barrels per day (bpd) of oil and store up to 930,000 barrels of crude, BW Offshore’s website states. Additionally, the firm notes the vessel boasts water injection capacity of 33,000 bpd and gas compression capacity of 48.4 million standard cubic feet per day.
NAE operates and owns an 85-percent working interest in the Abo field, located in the block OML 125 offshore Nigeria at water depths ranging from 1,804 to 3,609 feet (550 to 1,100 meters), according to the website of 15-percent owner Oando Energy Resources. Oando notes that Abo began production in 2003 and comprises four producing wells, water injection wells and two gas injection wells.
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