In a statement, Yinson said the financing was provided by a consortium of 13 lenders, including international banks and institutional investors, and will be utilised over the course of the construction of the FPSO.

It said Yinson Production entered into a firm contract for the provision, operation, and maintenance of the Agogo FPSO in February 2023 with Azule Energy, Angola’s largest independent oil and gas producer, and a 50:50 joint venture between British oil and gas company, BP, and Italian energy company, Eni.

“The contract has a firm operation period of 15 years, with additional optional periods of up to five years and a total contract value of up to US$5.7 billion (RM27.11 billion),” it said.

Yinson said the Agogo FPSO will have a production capacity of 120,000 barrels of oil per day.

Once construction is completed, the Agogo FPSO will be deployed to the Agogo Integrated West Hub Development Project located in the West Hub of Block 15/06 offshore Angola.

The Agogo FPSO, designed with a full suite of carbon emission reduction technologies, is the first-ever FPSO featuring carbon capture technology.

As at 3.15pm, Yinson’s share price was down by three sen or 1.22% at RM2.42, giving the group a market capitalisation of RM 7.71 billion.