80 YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2023 YINSON PRODUCTION Operational performance YP delivered yet another strong year of operational performance in FYE 2023. This was achieved through a strong safety culture and dedicated teams across all our units and offices in Nigeria, Ghana, Malaysia, Vietnam and Brazil. We maintained excellent commercial and technical uptimes of 100% and 99.6%, respectively, across our fleet. During the financial year, we continued building our onshore and offshore resources in Brazil in preparation for the start of production of our Brazil-bound assets. We would also like to recognise the immense contribution of FPSO Adoon in Nigeria, which was successfully handed over to our client after 16 years and 3 months in operation. AVERAGE FLEET TECHNICAL UPTIME FOR ASSETS THAT WERE IN OPERATION IN FYE 2023 FYE 2023 average (%) Q1 (%) Q2 (%) Q3 (%) Q4 (%) FPSO Adoon 100.0% 100.0% 100.0% 100.0% 100.0% FPSO Abigail-Joseph 100.0% 100.0% 98.5% 100.0% 99.6% FPSO JAK 100.0% 100.0% 100.0% 99.9% 100.0% FPSO Helang 93.5% 99.2% 99.2% 99.3% 97.8% FPSO PTSC Lam Son 100.0% 100.0% 100.0% 100.0% 100.0% FSO PTSC Bien Dong 01 100.0% 100.0% 100.0% 100.0% 100.0% COMBINED AVERAGE FLEET TECHNICAL UPTIME 99.6% 5-YEAR AVERAGE FLEET TECHNICAL UPTIME FOR ASSETS THAT WERE IN OPERATION FYE Average fleet technical uptime (%) 2019 99.4 2020 100.0 2021 99.8 2022 99.8 2023 99.6 Environmental performance In line with our Climate Goals, we keep track of our operating fleet’s carbon intensity and have set progressive targets of 16.2 kg CO2e/BOE by 2025, 11.4 kg CO2e/BOE by 2030 and 8.0 kg CO2e/BOE by 2050. Despite the intense efforts put into place to reduce our emissions, our carbon intensity increased in FYE 2023 by around 30% to 30 kg CO2e/BOE. These emissions fall under Yinson’s Scope 3 emissions profile and were mainly caused by unexpected flaring on two assets which fell beyond YP’s scope of control. For the first unit, throughout 2022, we have been supporting our client in every way possible to complete the infrastructure required for gas-reinjection – a measure that will greatly reduce flaring levels. This was part of the original development plan; however, it was delayed due to the pandemic in 2021. The installation of the necessary infrastructure is progressing. Further, our client is exploring the option of providing a pipeline for gas export which will further improve the environmental performance of the asset. On the second unit, we have proposed a solution to install a new compressor system which is anticipated to reduce flaring without compromising production levels. Concurrently, we have proposed to close the cargo tank vent of this asset, further reducing flaring onboard. We aim to install these solutions as soon as the necessary approvals are received. We will continue to support and provide our client with technical solutions to lower the asset’s emissions and optimise operations. For our other assets, our efforts have resulted in emissions profiles that closely match our projections. Reducing emissions – the way forward Given the limitations of modifications that can be done onboard operating assets, we are directing significant resources to our future assets and assets under construction. The greatest reduction in our emissions by 2050 will result from the retirement of our current operating assets, combined with the gradual implementation of our Zero Emissions FPSO Concept and the latest available technologies for our assets under construction and future fleet.
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