SBM Offshore has begun the process of exiting Equatorial Guinea following the sale of its equity interest in the Aseng floating production, storage and offloading (FPSO) unit.
The divestment was made through a share purchase agreement with GEPetrol, Equatorial Guinea’s national oil company.
The company said the decision aligns with its ongoing efforts to streamline its lease and operations portfolio.
An operational transition phase is expected to last up to 12 months before SBM Offshore fully withdraws from the country.
In a statement on Wednesday, SBM Offshore explained that the deal is consistent with its recent divestment strategy and marks another step in the restructuring of its FPSO assets.
“The sale of our participation in the Aseng FPSO forms part of our broader plan to rationalise the Lease & Operate portfolio,” the company stated. “This is in line with our current strategy, as seen in other transactions concluded recently.”
The share purchase agreement remains subject to several conditions precedent and regulatory approvals before it can take full effect.
The Aseng FPSO, which has been operating offshore Equatorial Guinea since 2011, has a processing capacity of 120,000 barrels of liquids per day, including 80,000 barrels of oil. It can also handle 170 million standard cubic feet of gas per day and has a storage capacity of 1.6 million barrels.
While the financial details of the deal were not disclosed, the company suggested that its focus remains on optimising operational assets in line with market and regional priorities.
GEPetrol to take full control of FPSO
GEPetrol, which is acquiring full ownership of the lease and operating entities tied to the Aseng FPSO, is expected to assume control following the completion of the transition phase.
The deal signals a major shift in control of offshore oil infrastructure in Equatorial Guinea, with the national oil company gaining a stronger operational presence.
As SBM Offshore gradually phases out of its role in the region, GEPetrol is likely to play a more direct role in managing key upstream assets going forward.
