MODEC To Build FPSO For ENI Offshore Mexico

Written by Paulo Nogueira

Published on 15/04/2019 at 08:05

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MODEC of Japan Concluded Financing for a Charter Project of the FPSO, Which Will Be Used in Block Area 1 Operated by Eni in the Gulf of Mexico.

To remember, Eni’s development plan for the discoveries of Amoca, Miztón, and Tecoalli within Offshore Area 1 located in the shallow waters of the Bay of Campeche was approved by the National Hydrocarbons Commission of Mexico in early August 2018.

In October 2018, Eni received a Letter of Intent (LOI) for MODEC for the supply, chartering, and operations of an FPSO vessel for deployment in Area 1.

MODEC was entrusted with the engineering, procurement, construction, mobilization, installation, and operation of the FPSO, including topside processing equipment, as well as hull and marine systems.

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On Monday, April 15, 2019, MODEC, Mitsui & Co., Ltd., and Mitsui O.S.K. Lines, Ltd. (MOL) announced that Mitsui and MOL participated in a long-term charter business operated by MODEC with the purpose of providing an FPSO for use in Block Area 1 off the coast of Mexico and a loan agreement for the project was executed on April 12, 2019.

Mitsui and MOL invested in Area1 Mexico MV34 B.V. (MV34), a Dutch company established by MODEC, which will be dedicated to leasing services, operations, and maintenance of the FPSO.

In December 2018, MV34 concluded the charter agreement with Eni. The charter agreement is initially executed for 15 years, with options for extension each year for up to five additional years.

The project finance-based loan agreement was signed by Sumitomo Mitsui Banking Corporation (lead arranger), MUFG Bank, Ltd., Mizuho Bank, Ltd., Sumitomo Mitsui Trust Bank, Limited, Société Générale, BNP Paribas, Oversea-Chinese Banking Corporation Limited, Clifford Capital Pte. Ltd., and Crédit Industriel et Commercial.

This is the first financing project for the FPSO project in Mexico.

According to MODEC, Mexico has seen numerous significant discoveries of expansive offshore oil fields in recent years, giving rise to expectations of new demand for additional FPSOs in the region.

The construction of the FPSO is expected to be completed in 2021, and the FPSO will be deployed for the development of Block Area 1 in water depths of about 32 meters. The FPSO will be capable of processing 90,000 barrels of crude oil per day, 75 million cubic feet of gas per day, 120,000 barrels of water injection per day, and a storage capacity of 900,000 barrels of crude oil.

Block Area 1 is owned by a consortium of two companies, including Eni Mexico as the operator and Qatar Petroleum, which settled in the block last December. The agreement is subject to authorization by Mexican authorities, and Eni will remain the operator.

MODEC To Build FPSO For ENI Offshore Mexico

MODEC of Japan Concluded Financing for a Charter Project of the FPSO, Which Will Be Used in Block Area 1 Operated by Eni in the Gulf of Mexico.

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