SBM Offshore pulling out of Equatorial Guinea with FPSO divestment

SBM Offshore, a Dutch company specializing in offshore floating facilities, has finalized an agreement with Equatorial Guinea’s national oil company, GEPetrol, to divest its floating production, storage, and offloading (FPSO) unit in the African country. The company will sell its full equity interest in the FPSO lease and operating entities to GEPetrol, marking its exit from Equatorial Guinea following a transition period of up to 12 months.

The FPSO Aseng, which began oil production in 2011 in the Aseng Field offshore Equatorial Guinea, has a processing capacity of 120,000 barrels per day and storage for 1.6 million barrels of oil. SBM Offshore’s divestment from Equatorial Guinea aligns with its strategy to streamline its lease and operate portfolio, subject to various conditions and approvals.

This move follows SBM Offshore’s previous sale of the FPSO Liza Destiny to ExxonMobil and the confirmation of mooring the FPSO One Guyana at the Stabroek block. The company continues to focus on its offshore operations and partnerships in the energy sector.