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Petrobras Says That, Due to the New Allocation of FPSO P-71, the Bidding for Chartering the Platform That Would Serve the Itapu Project Will Be Canceled
Petrobras informed in a relevant fact, yesterday (10/27) that it finalized, after negotiations with its partners in the BM-S-11 Consortium, Shell Brasil Petróleo and Petrogal, the purchase of the P-71 platform, which will allow for the advancement of the first oil from the Itapu field by about a year. It was also agreed upon the development of a new Development Plan for the Tupi field, where the FPSO would originally be used.
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Petrobras’s estimated disbursement for the transaction will be US$ 353 million, corresponding to the partners’ share in the P-71.
In the announcement, Petrobras states that the P-71 platform, which is in the final phase of construction at the Jurong shipyard in Espírito Santo, has a production capacity of 150 mbpd and will be allocated to the Itapu field.
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The company explained that, following the auction for the surplus of onerous assignment, which took place in November 2019, the production rights of the Itaipu field are now entirely held by Petrobras and that the allocation of FPSO P-71 in the field will allow the advancement of the first oil by about a year.
The platform was originally planned for the Tupi field, which will have a new development plan agreed upon with the project partners, Shell (25% stake) and Petrogal (10%).
“With the sales commitment, Petrobras, Shell, and Petrogal agreed to develop a new development plan for Tupi, which will be submitted 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 bidding for chartering the platform that would serve the Itapu project will be canceled.
Petrobras says that this initiative seeks to implement complementary production development projects resilient to low oil prices, allowing for an even greater increase in the recovery factor of the field, which is currently the world’s largest deepwater producer and whose accumulated production has already surpassed 2 billion boe.
“The acquisition of P-71 and the actions to develop a new Development Plan for Tupi are aligned with Petrobras’s strategy to concentrate its activities on world-class deepwater and ultra-deepwater assets”, concluded Petrobras.
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