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Petrobras Revises Project and May Cancel Itapu FPSO

Written by Flavia Marinho
Published on 13/07/2020 at 15:00
Petrobras revisa o projeto e pode cancelar o FPSO de Itapu
A structure of the Brazil’s Petrobras P-66 oil rig in the offshore Santos basin is seen in Rio de Janeiro, Brazil September 5, 2018. Picture taken September 5. REUTERS/Pilar Olivares
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The Bidding For The Chartering Of The FPSO Itapu May Be Coming To An End. Petrobras Reported That The Future Of The Project Will Be Defined By 08/31.

Due to the new barrel price scenario, Petrobras postponed the proposal submission deadline for the chartering of the FPSO Itapu (onerous assignment) by 42 days to August 31. Eneva Begins Second Phase Of Works For Integrated Project Of The Azulão Field And Jaguatirica II Thermoelectric Plant

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The proposal submission deadline for the chartering of the FPSO Itapu was set for the 27th of this month. The bidding for the chartering of the unit was launched in the second half of last year.

In a communication to participants, Petrobras reported that the future of the project will be defined by that date, and that it will inform later about the continuation – or not – of the chartering of the floating production storage and offloading unit.

“The Bidding Commission informs that the deadline for submitting proposals for this contracting process will be postponed by 42 days (August 31) due to the need for reevaluation of the Itapu project due to the current Oil and Gas market scenario. Until the end of this period, the bidding commission, in a new communication, will inform about the continuation or not of the contracting process for the chartered FPSO.”

The notice about the postponement of the proposal submission deadline and the possible change of strategy regarding the FPSO bidding generated tension among platform operators interested in the Itapu contract.

FPSO companies claim that the cost of preparing proposals for chartering a unit of the size of Itapu is around US$ 3 million, in addition to mobilizing a large group of employees.

About Petrobras Chartering Of The FPSO Itapu P-71

The FPSO P-71 would have a capacity to produce 120,000 bopd and compress 3 million m³/d of gas. The charter contract has a term of 21 years, and the minimum local content requirement for conversion is set at 25%.

The destination of the FPSO P-71 – whose topside is undergoing integration works at the shipyard, was open between Lula FR and Itapu, although Petrobras’s current business plan suggested that the state-owned company had chosen its allocation to Itapu. The start of operations for the unit is scheduled for 2022.

Allocating the P-71 to Itapu will delay the first oil from the FPSO by seven months in addition to reducing the Net Present Value (NPV) by US$ 173.2 million for the project.

In the current strategic plan (2020-2024), the P-71 is allocated to the Lula FR Project and the unit is an asset belonging to the consortium formed by Petrobras, Shell, and Petrogal.

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Flavia Marinho

Flavia Marinho é Engenheira pós-graduada, com vasta experiência na indústria de construção naval onshore e offshore. Nos últimos anos, tem se dedicado a escrever artigos para sites de notícias nas áreas militar, segurança, indústria, petróleo e gás, energia, construção naval, geopolítica, empregos e cursos. Entre em contato com flaviacamil@gmail.com ou WhatsApp +55 21 973996379 para correções, sugestão de pauta, divulgação de vagas de emprego ou proposta de publicidade em nosso portal.

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