Shipyard Works in Angra dos Reis Confirmed: Teekay Offshore’s FPSO is Headed to Brasfels Shipyard for Adaptation Works, Set to Operate Under Contract with Karoon Energy

Piranema Spirit, The First FPSO in The World to Use the Cylindrical Hull Design, Is Sailing Towards Brasfels Shipyard (RJ) for Adaptation Works

Good news for maritime industry professionals. The Brasfels shipyard in Angra dos Reis (RJ) is awaiting the FPSO Piranema Spirit, belonging to the joint venture Altera Infrastructure (formerly Teekay Offshore). The platform is heading to the shipyard for adaptation works and will subsequently fulfill a contract between Altera and the Australian company Karoon for production in the Neon field in the Santos Basin. 

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Petrobras has demobilized the FPSO Piranema Spirit, installed in the Piranema field in Sergipe. The Brazilian oil company notified Altera Infrastructure (formerly Teekay Offshore) about the date in 2020, complying with a contractual procedure that requires ten months’ prior notice.

The demobilization of the platform generated reactions within the Sergipe government at the time. Concerned about revenue decline amid the crisis, local authorities pressured to keep the project operational for another year.

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Local Production Registered Severe Accelerated Decline Due to Oil Price Crisis

The strategy to demobilize the FPSO was studied by Petrobras since local production began to register a severe decline but was accelerated due to the oil price crisis. In recent years, the asset had been producing an average of 2,500 bopd, compared to the plant’s capacity of 30,000 bopd. In April, the volume was reduced to 862 bopd.

The only deepwater field in the state of Sergipe, Piranema started operations in 2007. The demobilization of the Piranema Spirit is part of a list of units that will be deactivated due to the crisis and the low indicators of the involved projects.

Piranema was the first FPSO in the world to use the cylindrical hull design. The vast majority of FPSOs are built from hulls of VLCCs (Very Large Crude Carriers) that are “at the end of their career.”

Altera Infrastructure and Karoon Establish Contract

The advancement of the Piranema Spirit’s demobilization schedule occurs at a time when Altera Infrastructure is negotiating with Karoon the use of the production unit in the Neon field in the Santos Basin.

The companies are discussing the daily rate, and the Norwegian group is preparing a study (pre-FEED) to detail the necessary adaptations in the production plant of the unit and the adaptation work costs, which will be carried out at a shipyard in Brazil.

The pre-FEED for Neon was completed in October. Karoon’s original plan, developed before the crisis, anticipated that the project would start operations in 2023, interconnected to two horizontal producing wells and one gas injector.

Ocyan and Australian Karoon Formalize FPSO Cidade de Itajaí Contract with Acquisition of Baúna

The joint venture Altera&Ocyan expanded its client portfolio last Friday (11/06) with the signing of a chartering and operation contract for the FPSO Cidade de Itajaí (CDI) with Karoon Energy Ltda (a company listed on the Australian stock exchange), which is the new holder of the concession for the shallow water block BM-S-40, where the Baúna field is located, in the southeast of the Santos Basin. The JV has been operating the CDI in the Baúna field since 2013 for Petrobras.

The client exchange is due to Karoon’s acquisition of the block, which also expanded the contract with Altera&Ocyan for an additional four years, ensuring CDI’s operation in Baúna until February 2026, with an additional option to renew for two more years, until 2028.

“We are excited to have Karoon as a new client and for the expansion of the contract, which was set to expire in February 2022 with Petrobras. The renewal reaffirms that Altera&Ocyan has been delivering high operational and safety performance, which adds significant market value both for our JV and for the new operator of the field,” celebrates Jorge Mitidieri, Vice President of Integrated Services at Ocyan.

The FPSO Cidade de Itajaí has achieved over 109 million barrels of oil produced with an average operational uptime of 99.7% since operations began in 2013 to date. Operated by the joint venture Altera&Ocyan (a 50/50 partnership between Ocyan and Altera Infrastructure), the FPSO displays safety and performance indices that reinforce the success of the operation.