The Oyo deepwater oilfield is located offshore Nigeria in OML blocks 120 and 121 with oil resources at a water depth of 1,345ft.

The Oyo field is operated by Nigeria Agip Exploration, a subsidiary of Eni. The operator holds a 40% stake in the project. The remaining 60% interest was held by Allied Petroleum, which was acquired by CAMAC Energy in April 2010.

In April 2011, Netherlands, Sewell & Associates produced an independent Design report with the latest estimated reserves at the OML 120 and 121 blocks. The field was estimated to have 1.9 billion barrels of crude with a high of 6.3 billion barrels of oil-in-place. The associated recoverable and prospective oil resources are 626 million barrels with a high of 2.2 billion barrels.

Eni has been the operator of the field since April 2010. The field started production at a rate of 25,000bopd.

The Oyo field is estimated to have 1.9 billion barrels of crude. Armada Perdana was originally an oil tanker built in 1984. It was converted into an FPSO at the Keppel Shipyard in Singapore between 2008 and 2009. The scope of works included the fabrication, installation and integration of a 12-point spread mooring system, topside facilities, a riser balcony, accommodation upgrades and installation of auxiliary support systems.

The single hull FPSO has side impact protection. It is also equipped with gas treatment and re-injection facilities. It arrived and was moored on OML 120 block of the Oyo field in August 2009.

The Armada Perdana FPSO has a crude oil treatment and production capacity of 40,000bopd. It can store up to 1.1 million barrels of crude oil and is equipped with associated gas treatment and reinjection facilities. Its gas compression capacity is 66mmscf per day.