Construction of FPSO Chartered by Petrobras for Operations in Búzios Field Will Include Loan from Japanese Bank

According to the agreement, the Japanese bank JBIC will provide a loan of US$ 491 million to Modec and other companies responsible for the construction of the FPSO Almirante Barroso, commissioned by Petrobras for the Búzios Field

The Japan Bank for International Cooperation (JBIC) has signed an agreement to provide project financing for a floating production, storage and offloading (FPSO) vessel jointly owned by the Japanese companies MODEC, Mitsui & Co, Mitsui O.S.K. Lines (MOL) and Marubeni Corporation, which will be chartered to Petrobras for operations in the Búzios field under a 21-year contract.

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The FPSO Almirante Barroso, which will serve Petrobras, is being built at the COSCO Dalian shipyard in China. This is the seventh FPSO with which the four Japanese companies are collaborating for operations in Brazil.

Under the agreement, JBIC will provide US$ 491 million through its Growth Investment Facility, joining a co-financing of US$ 1.35 billion with MUFG Bank, Sumitomo Mitsui Banking Corporation, Mizuho Bank, ING Bank, SocieteGenerale, Citi Bank, Clifford Capital, Standard Chartered Bank, and BNP Paribas. Nippon Export and Investment Insurance (NEXI) will provide insurance for part of the loan.

According to JBIC, as oil companies in various countries have been actively developing offshore oil fields in recent years, the demand for new FPSO systems is expected to increase, particularly in Brazil. Petrobras is committed to developing numerous offshore oil fields in the country.

Expectations for the FPSO Almirante Barroso Chartered by Petrobras for Oil and Gas Production in the Búzios Field

The unit, FPSO Almirante Barroso MV32, will be deployed in the Búzios field, located in the vast pre-salt region of the Santos Basin, and is 100% operated by Petrobras.

Starting in 2022, the FPSO will be anchored in waters with a depth of 1,900 meters. The unit will have the capacity to produce up to 150,000 barrels of crude oil per day and 212 million cubic feet of gas per day, as well as store 1.4 million barrels of crude oil.

MODEC sees Brazil as its most important market for the FPSO business, and this latest project will be its twelfth chartering of FPSO vessels for Petrobras.