Another Oil Contract Extended: Shell and Bw Offshore Sign Agreement for Engineering, Procurement, Construction, and Installation (EPCI) Services of an FPSO, Scheduled for Delivery in 2026

Written by Roberta Souza

Published on 12/11/2022 at 09:46

Foto: reprodução production.bwoffshore.com

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Oil And Gas Offshore Giants Extended The Agreements Signed This Year For Exploration Fields Until February 2023

Shell, a giant based in the United Kingdom, and its partners extended the limited notice to proceed (LNTP) with BW Offshore and Saipem, covering early stage engineering and supplier reservations for the provision of a FPSO aimed at an offshore oil and gas field in Brazil.

BW Offshore announced the extension of the LNTP related to the supply of an FPSO for the Gato do Mato oil and gas field on Thursday, the 10th. This follows the granting of the LNTP, valued at up to US$50 million, in May 2022, and the extension is valid until February 15, 2023.

After the completion of the extension period, a consortium composed of BW Offshore and Saipem (Shell is not included) has the option to receive the lease and operation contract, depending on funding and the project reaching a final investment decision (FID).

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What Is A FPSO?

What Is Included In The Contract?

According to what was stated by BW Offshore, this consortium signed with Shell will be responsible for the engineering, procurement, construction, and installation (EPCI) of the FPSO with delivery scheduled for 2026. If this pre-salt development project reaches FID and proceeds, the lease of the FPSO and operation will have a term of 18 years with seven years of options.

Located in the Santos Basin, approximately 200 km off the Brazilian coast, in water depths of about 2,000 meters, the Gato do Mato oil exploration project is a pre-salt gas-condensate discovery that spans two adjacent blocks: BM-S-54 and South of Gato do Mato.

After Shell delivered a 30% stake in its Gato do Mato project to Colombian Ecopetrol, the oil company has a 50% stake in this project, while TotalEnergies holds the remaining 20%.

Regarding the activities of BW Offshore and Shell elsewhere, it is worth noting that the operator of the oil exploration FPSO recently secured a short-term contract extension for an FPSO operating in offshore waters in Nigeria.

Another Oil Contract Extended: Shell and Bw Offshore Sign Agreement for Engineering, Procurement, Construction, and Installation (EPCI) Services of an FPSO, Scheduled for Delivery in 2026

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What Is A FPSO?

What Is Included In The Contract?

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