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Modec, a Japanese company, confirms that it intends to build and command the operations of the Campo de Bacalhau FPSO, in the Santos Basin, for one year. After that time, Equinor will take over.
This Thursday (3), Modec, a Japanese company, announced the closing of the Engineering, Acquisition, Construction and Installation (EPCI) contract for the FPSO in the Santos Basin, more specifically in Campo de Bacalhau.
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Understand Modec's confirmation on the Bacalhau Field FPSO
Modec's achievement was confirmed shortly after the announcement of Equinor's final investment decision in Campo de Bacalhau. One of Modec's innovations on 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, which were created with the objective of carrying a topside of larger dimensions.
The FPSO's hull will also offer greater storage capacity compared to conventional oil tankers. The FPSO, from Campo de Bacalhau, will be able to produce around 220 barrels of oil per day and will also produce and inject approximately 530 million standard cubic feet of associated gas per day. The minimum stored in oil will be 2 million barrels.
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Forecast of the arrival of the FPSO in the Santos Basin
The forecast is that the Campo de Bacalhau FPSO will start operating 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 that period, Equinor will take over the vessel's operations until the end of the license period, which is scheduled for 2053.
According to Modec, as a result of the new coronavirus pandemic, project plans may be adjusted to other dates, due to health and safety restrictions.
Equinor's words regarding the project in the Santos Basin
According to the executive at the head of Equinor's operations, Veronica Coelho, Campo de Bacalhau is a very important step towards carrying out the company's strategy of deepening 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 “cascading” effect in the chain of creation of local jobs and supplies.
In turn, Equinor's Executive Vice President of Projects, Drilling and Procurement, Arne Sigve Nylund, points out that the project is globally competitive, with a break even below 35 dollars. It is estimated that, in the first phase, there will be more than one billion barrels of oil in recoverable reserves.
