Yinson Holdings Bhd announced that its bareboat charter party agreement for the provision of a floating production, storage and offloading vessel (FPSO) at the deepwater Tano/Cape Three Points (DWT/CTP) contract area, offshore Ghana, by Aker Energy Ghana Ltd. being terminated. The termination is due to the decision made by Aker Energy to postpone the activities under the DWT/CTP Petroleum Agreement and the development of the project until further notice amid the COVID-19 pandemic. Yinson added that it received a notice from Aker Energy on March 31, of its decision to terminate the letter of intent (LoI) issued on Feb. 20, for the proposed award of the contract to charter, operate and maintain the FPSO for the project at the contract area with immediate effect. Yinson noted that the group will preserve its right under the LoI for compensation arising from the termination. It stated the termination will not have a material effect on the groups earnings and for the financial year ending Jan 31, 2021. The decision by Aker Energy comes as crude oil prices fell from an average of $65 (MYR 282.75) a barrel in early January to the $25 levels after talks to control output by OPEC+ collapsed last month That has raised the spectre of upstream oil companies cutting down on project roll-outs and costs amid fear of impairments and threat of prolonged low oil price environment.