CNR International has has exercised an option to extend the fixed term of the lease contract for floating production, storage and offloading (FPSO) vessel Espoir Ivoirien from 2017 to 2022.
The vessel produces oil from the Espoir field since 2002, initially via a single well head platform, with a second coming on stream in 2006.
Since 2014, CNR has been redeveloping the wells. It contracted SapuraKencana tender assist drilling rig SKD T-20 to drill 10 firm wells in the field, with four single well options. up to six wells were due to be drilled in the field in 2016, according to partner Tullow Oil.
The terms of the FPSO contract extension with BW Offshore are based on existing extension options, with some adjustments for life extension investment scope, delivering cost savings for both parties.
The extension follows a previous contract extension agreed in 2012. This saw a four-year extension for the lease and operation of Espoir Ivoirien, extending the lease to Q2 2017 (from Q1 2013). The option period has been extended by 14 years to Q2 2036 (from Q1 2022).
The 2012 contract had a total revenue value of US$925 million including options, up from $250 million under the previous contract.
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