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February 15, 2015

KANFA secures EPC contract for FPSO Yinson production

Sevan Marine's subsidiary KANFA has secured an engineering, procurement and construction (EPC) contract worth $50m for four process modules for the FPSO Yinson Production.

Sevan Marine’s subsidiary KANFA has secured an engineering, procurement and construction (EPC) contract worth $50m for four process modules for the FPSO Yinson Production.

The contract is estimated to run for 15 months. The FPSO Yinson production will be installed at the Offshore Cape Three Points Block (OCTP), located in the Tano Basin, around 60km from the Ghanaian Western Region’s coast.

"Peak production is projected to be 80,000 barrels of oil equivalent per day in 2019."

Eni, via its subsidiary Eni Ghana, operates OCTP with a 47.22% interest, while Vitol Upstream Ghana and Ghana National Petroleum Company own 37.77% and 15% stakes respectively.

The project features oil and non-associated gas fields and will access approximately 41 billion cubic metres of gas and 500 million barrels of oil.

In 2017, the first oil is expected, with gas following in 2018. Peak production is projected to be 80,000 barrels of oil equivalent per day in 2019.

The project will provide domestic gas supply to Ghana’s thermal power plants for more than 15 years.

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The country will benefit from additional oil production commencing from 2017 via Ghana National Petroleum’s participation in the project, as well as royalties and taxes generated by production.

The project will add 1.15 trillion cubic feet of gas and aims to bring Ghana out of the existing power deficit.

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