The Houston-based firm said it will hold on to the FPSO Armada Perdana for at least five more years, with an automatic two-year option attached.
"The contract provides for an initial term of five years beginning January 1, with an automatic extension for an additional two years, unless terminated by Camac with prior notice."
Bumi Armada, which also confirmed the deal, said the two-year extension is worth another US$108 million.
Camac Energy said it plans to utilise the FPSO vessel for its multi-year, high-impact development and productions offshore Nigeria.
"FPSO Armada Perdana has a production capacity of 40,000 barrels of oil per day, and storage capacity of 1.1 million barrels," the firm said.
The FPSO currently supports Camac Energy's daily production of about 2,000 barrels of oil and 40 million standard cu ft of natural gas from the Oyo field in OML Block 120 offshore Nigeria.
Camac Energy senior vice-president of exploration and production Segun Omidele said securing this infrastructure for up to seven years is another milestone towards the growth of the company.
Listed on the New York Stock Exchange, Camac Energy is an independent oil and gas exploration and production firm focused on energy resources in Africa. Its asset portfolio consists of eight production and exploration licences in three countries covering an area of 41,000 sq km, including existing production and other major projects offshore Nigeria. - BTimes
