Petrobras and Its FPSO Proposals for March in Brazil

Written by Paulo Nogueira

Published on 26/03/2019 at 20:57

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The Brazilian State-Owned Company Petrobras Agrees to the Terms for the Búzios Unit, While Another Aims to Close a Contract for a Floater in Mero-2

Petrobras has reached an agreement with Japanese Modec for a floating production, storage, and offloading unit for the Búzios field, while the Brazilian oil giant has also received a potentially winning bid from SBM Offshore to provide the FPSO Mero-2. Modec and Petrobras began negotiating the terms for the Búzios-5 FPSO in February, following the failure of the original bidder, Exmar, to finalize its financing agreements.

With Petrobras’ legal team apparently convinced that the state-controlled company can negotiate with the runner-up without conflicting with compliance procedures, the company’s negotiators accepted a significantly higher day rate than that proposed by Exmar, at US $ 635,000, still about US $ 100,000 below Modec’s original price of US $ 815,000.

The agreement is still subject to approval by Petrobras’ board, meaning that signing is likely still a month or two away.

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Two in the Race for the Mero 2 FPSO Prize

The disqualification of Teekay occurred when Petrobras disagreed with some contingency factors contained in the proposal, but the Canadian contractor refused to proceed without them.

The FPSO Marlim-1 will have the capacity to produce 80,000 bpd of crude oil and 7 MMcmd of natural gas, while Marlim-2 will produce up to 70,000 bpd of crude oil and compress up to 4 MMcmd of gas.

Petrobras offers a 22-year charter but allowed contractors to submit bids for one or both units. By bidding for both units, Modec can take advantage of economies of scale, although some sources have suggested that the company is willing to moderate its Brazilian workload and may even prefer to have a single unit.

Yinson Holdings is a newcomer in Brazil.

Source: Upstream Online

Petrobras and Its FPSO Proposals for March in Brazil

The Brazilian State-Owned Company Petrobras Agrees to the Terms for the Búzios Unit, While Another Aims to Close a Contract for a Floater in Mero-2

Two in the Race for the Mero 2 FPSO Prize

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Petrobras and Its FPSO Proposals for March in Brazil

The Brazilian State-Owned Company Petrobras Agrees to the Terms for the Búzios Unit, While Another Aims to Close a Contract for a Floater in Mero-2

Two in the Race for the Mero 2 FPSO Prize

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In Botswana, a salt flat of up to 16,000 km² that was once an African megalake spends months as an absolute white desert, but during the rainy season it transforms into a shallow sea that reappears from nowhere and can be seen from space in the middle of southern Africa.

The Blood Falls of Antarctica hide a living ecosystem trapped under the ice for over 2 million years, where microbes survive without light, without oxygen, and without ever having seen the Sun.

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