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Modec, The Japanese Company, Confirms That It Intends To Build And Operate The FPSO At The Bacalhau Field In The Santos Basin For One Year. After This Period, Equinor Will Take Over.
On Thursday (3), Modec, the Japanese company, announced the closing of the Engineering, Procurement, Construction, and Installation (EPCI) contract for the FPSO in the Santos Basin, more specifically at the Bacalhau Field.
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Understand Modec’s Confirmation About The FPSO At The Bacalhau Field
Modec’s achievement was confirmed shortly after Equinor’s announcement of its final investment decision for the Bacalhau Field. One of Modec’s innovations for the FPSO will be the Combined Cycle Power Generation System to help reduce CO2 emissions. Another novelty in the Santos Basin is that the FPSO will be the first application of a new generation of Modec hulls, designed to support a topside of larger dimensions.
The hull of the FPSO will also offer a greater storage capacity compared to conventional tankers. The FPSO at the Bacalhau Field will be able to produce around 220,000 barrels of oil daily and will also produce and inject approximately 530 million standard cubic feet of associated gas per day. The minimum stored oil will be 2 million barrels.
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Forecast For The Arrival Of The FPSO In The Santos Basin
The forecast is that the FPSO at the Bacalhau Field will start operations by 2024. It is worth noting that Modec was contracted only for the construction of the FPSO and to operate on the platform for one year after its construction. After this period, Equinor will take over the operation of the vessel until the end of the license period, which is expected to be in 2053.
According to Modec, due to the COVID-19 pandemic, project plans may be adjusted to other dates due to health and safety restrictions.
Words From Equinor Regarding The Project In The Santos Basin
According to the executive in charge of Equinor’s operations, Veronica Coelho, the Bacalhau Field is a crucial step in executing the company’s strategy to deepen its presence in Brazil.
She also states that it is an important project for the country itself, considering that it is part of significant investments, with a “cascade” effect on the local job and supply chain.
In turn, Equinor’s Executive Vice President of Projects, Drilling, and Supply, Arne Sigve Nylund, emphasizes that the project is globally competitive, with a break even below 35 dollars. The estimate is that in the first phase there will be more than one billion barrels of recoverable oil reserves.
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