Tender for the Itapu FPSO is cancelled; Petrobras closes deal with Shell and Petrogal for the purchase of FPSO P-71 for US$353 million

Petrobras says that, due to the new allocation of FPSO P-71, the tender for chartering the platform that would serve the Itapu project will be canceled

Petrobras informed in a material fact, yesterday (27/10) that it agreed, after negotiation with its partners in the BM-S-11 Consortium, Shell Brasil Petróleo and Petrogal, to purchase the P-71 platform, which will year of the first oil from the Itapu field. It was also agreed to draw up a new Development Plan for the Tupi field, where the FPSO would originally be used.

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Petrobras' disbursement estimated in the transaction will be US$ 353 million, corresponding to the partners' share in the P-71.

In the statement, Petrobras informs that the P-71 platform, which is in the final stages of construction at the Jurong shipyard, in Espírito Santo, has a production capacity of 150 mbpd and will be allocated in the Itapu field.

The company explained that, after the auction of the transfer of rights surplus, which took place in November 2019, the production rights of the Itaipu field are now fully owned by Petrobras and that the allocation of FPSO P-71, in the field, will allow the anticipation of the first oil in about a year.

The platform was originally scheduled for the Tupi field, which will have a new development plan agreed with the partners in the venture, Shell (25% stake) and Petrogal (10%).

“With the sale commitment, Petrobras, Shell, and Petrogal agreed to draw up a new development plan for Tupi, which will be delivered to the National Agency of Petroleum, Natural Gas and Biofuels (ANP) in 2021,” said the oil company.

According to the state-owned company, due to the new allocation of P-71, the tender for chartering the platform that would serve the Itapu project will be cancelled.

Petrobras says that this initiative seeks to implement complementary projects for the development of resilient production at low oil prices, allowing to further increase the field's recovery factor, which is currently the world's largest producer in deep waters and whose accumulated production has already surpassed 2 billion boe.

“The acquisition of the P-71 and the actions to prepare a new Development Plan for Tupi are in line with Petrobras' strategy of concentrating its activities on world-class assets in deep and ultra-deep waters”, concluded Petrobras.

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