Japan’s MODEC has executed a cooperation agreement with infrastructure solutions provider Africa Finance Corporation (AFC) to jointly work on projects relating to floating production, storage, and offloading (FPSO) units and other maritime infrastructure projects in Africa.
As explained by MODEC, the agreement provides a framework to facilitate future cooperation and information exchange in technical and market studies, structuring of finance solutions, and sourcing of potential projects for maritime infrastructure space in Africa.
MODEC Group President and CEO, Hirohiko Miyata , noted: “We are honored and excited to execute the CA with AFC. Africa is a core market for us with infinite potential for offshore development. MODEC is committed to supporting the development of African countries through our offshore solutions.”
Established in 2007, AFC is a multilateral financial institution comprising 45 member countries. The organization says it focuses on financial and technical advisory, project and development, as well as risk capital to address Africa’s infrastructure development needs.
Having delivered 11 units to West Africa in the past, MODEC believes it has extensive experience in the region. The company currently provides charter service for FPSO Prof. John Evans Atta Mills operating on the TEN fields in Ghana.
MODEC also provides operation and maintenance (O&M) service for FPSO Léopold Sédar Senghor working at the Sangomar field in Senegal. As Senegal’s first offshore oil development, the field started producing last June .
The Japanese player is working on completing another FPSO, Errea Wittu , set to be deployed to Guyana to work with ExxonMobil. The unit will combine the development of resources from the Snoek, Mako, and Uaru fields in the Stabroek block.
With the hull sailaway ceremony and its arrival in Singapore celebrated on June 28 and topside modules delivered at the BOMESC yard in Tianjin, China, in late July, the FPSO’s delivery to the U.S. giant is targeted for 2026.