Last updated on August 23, 2025
Singapore, 13 August 2025 – Yinson Production has announced the official start of its 15-year firm charter for the Agogo FPSO, following the issuance of the Provisional Operational Readiness Certificate (PORC) on 12 August 2025.
The FPSO reached first oil on 29 July 2025—four months ahead of schedule and just 29 months after the contract was awarded. The PORC marks the beginning of a 15-year lease-and-operate agreement with Azule Energy, Angola’s largest independent oil and gas producer and a 50/50 joint venture between BP and Eni. The contract, worth over USD 5 billion, also includes up to five one-year extension options.
Yinson Production signed the agreement with Azule Energy in February 2023 to provide, operate, and maintain the Agogo FPSO. With a production capacity of 120,000 barrels of oil per day and storage for 1.6 million barrels, the vessel supports the Agogo Integrated West Hub Development Project in Block 15/06 offshore Angola.
Construction, integration, mechanical completion, and commissioning were followed by the vessel’s departure from Shanghai in March 2025. It arrived in Angola in May and completed mooring hookup in June. The Agogo FPSO incorporates multiple emissions-reducing features—such as a closed flare system, hydrocarbon blanketing, combined cycle technology, automated process controls, and all-electric drives—and is the world’s first operational FPSO to deploy carbon capture technology.
With PORC now issued, about 97% of Yinson Production’s USD 19 billion contracted revenue backlog comes from fully operational assets. Completion of the Agogo project also frees the company’s EPC team to pursue new ventures.
CEO Flemming Guiducci Grønnegaard said:
“Achieving first oil nearly four months early and within 29 months of contract award is an outstanding achievement. This milestone underscores Yinson Production’s track record in delivering complex projects ahead of time and to the highest standards, giving clients certainty and creating long-term value. As our first asset in Angola, Agogo FPSO expands our African footprint and will contribute to the nation’s economic growth. We thank Azule Energy and our partners for their strong collaboration and commitment.”
Azule Energy CEO Adriano Mongini commented:
“We are proud to see the Agogo FPSO enter its 15-year charter. Its low carbon footprint—pioneering as the first FPSO with pilot carbon capture technology—aligns with our commitment to efficient, sustainable operations. PORC is a key milestone, and we are confident in Yinson’s operational excellence.”
Project Director Per Dyberg added:
“The Agogo FPSO is the result of exceptional teamwork between Yinson Production and Azule Energy. Delivered ahead of schedule, it reflects the dedication and expertise of the entire team. As operations take over, I am confident the FPSO will perform at the highest level for many years.”
