Republic of Ghana / Insurance to support Investment in a Project of FPSO Owning and Chartering Business for Oil and Gas Field, Offshore Ghana

Nippon Export and Investment Insurance (NEXI; Chairman and CEO: Kazuhiko Bando) has decided to underwrite Overseas Investment Insurance covering political risk of Republic of Ghana (Ghana) to support investment by four companies (hereinafter “the four partners”), namely, Sumitomo Corporation, Kawasaki Kisen Kaisha, Ltd., JGC Corporation, and Development Bank of Japan Inc. in a project of FPSO owning and chartering business for oil and gas field, offshore Ghana.

The four partners have acquired, through a joint venture, 26% of the shares of Yinson Production (West Africa) Pte. Ltd. (hereinafter “YP (WA) PL”), a FPSO owning company operated by Yinson Group. YP (WA) PL has secured a 15-year long-term FPSO chartering agreement from Eni ghana exploration and production ltd., which is an affiliate of the major Italian oil company Eni SPA, and started oil production at Offshore Cape Three Points Block (“OCTP”), located in the Tano Basin, approximately 60 kilometers off the coast of Ghana, in May 2017.

FPSO is key infrastructure for deep-water oil and gas production, which are likely to increase steadily in the future; thus, demand for FPSO is expected to increase. In preparation for this demand, the four partners will acquire knowledge and expertise through the project as their first FPSO owning and chartering business.

As a financial institution implementing Japan’s policy, NEXI will continue to support Japanese companies’ overseas business.

Contact: Overseas Investment Insurance Underwriting Group, Underwriting Department
Tel： 03-3512-7668