ARMADA (5210) - First oil achieved from Bumi Armada's FPSO in Angola
KUALA LUMPUR (Feb 17): Bumi Armada Bhd said its floating production storage and offloading (FPSO) unit has achieved first oil production in Block 15-06 in Angola, for Eni Angola SpA on Feb 8.
Eni Angola is the operator of Block 15/06 with a 36.84% stake, while Sonangol EP is the concessionaire. The other partners of the joint venture are Sonangol Pesquisa e Produção (36.84%) and SSI Fifteen Ltd (26.32%).
In a statement today, Bumi Armada said the contract for Armada Olombendo was signed on Aug 19, 2014 and the FPSO arrived in Angola on Dec 11 last year, after a 40-day voyage from Singapore. Armada Olombendo represents Bumi Armada’s first FPSO in Angola and is also the largest FPSO conversion project to date.
“The project is our first in Angola and it is the largest project to date for Bumi Armada, based on the size of the unit, the scale of the topsides, as well as incorporating the world’s largest external turret," said Bumi Armada executive director and chief executive officer Leon Harland.
"The increased capability that has been developed within the company puts Bumi Armada in the top-tier of FPSO players and enhances our position to compete for the larger, more complex projects that we are bidding for," he added.
The FPSO has a net storage capacity of 1,700,000 barrels, as well as crude oil production rate of 80,000 barrels of oil per day; 120,000 barrels of water injection per day; as well as 120,000 million standard cu ft per day of gas handling capacities.
At 3.18pm, Bumi Armada shares were traded up 4 sen or 5.97% at 71 sen, with 53.14 million shares done. Its market capitalisation stood at RM3.9 billion.
ARMADA (5210) - First oil achieved from Bumi Armada's FPSO in Angola
http://www.theedgemarkets.com/my/article/first-oil-achieved-bumi-armadas-fpso-angola
