Route of FPSO P-71 Still Not Defined by Petrobras

Written by Flavia Marinho

Published on 13/04/2020 at 16:51

Updated on 13/04/2020 at 16:53

Rumo do FPSO P-71 ainda não foi definido pela Petrobras

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According to information gathered by PetróleoHoje, Petrobras may change its current Business Plan and install the FPSO P-71 in the Itapu field. Currently, the P-71 floating production storage and offloading unit is scheduled by the state company to be installed in the Lula field. Petrobras interrupts oil production in six platforms in the Campos Basin, RJ.

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Allocating the P-71 to Itapu will delay the first oil from the FPSO by seven months and reduce the Net Present Value (NPV) by US$ 173.2 million, as projected for the venture.

According to Petrobras’ PN 2020-24, the first oil from Lula FR and Itapu is expected in 2022 and 2024, respectively. The start year for production in Itapu has already been changed at least four times: from 2021, according to PN 2017-21, to 2022, 2023, and 2024 in subsequent plans.

History of FPSO P-71 Allocation by Petrobras

Since November 2010, Petrobras has been studying various allocation alternatives for the FPSO P-71 based on strategies adopted for executing the projects in the Pre-Salt Polygon of the Santos Basin. Follow the troubled storyline:

2010: allocated to the Iara Horst project (now Sururu) located in the BM-S-11 consortium, with first oil in Jun/2016;
2011: emergence of Plan B and relocation of the P-71 to the Carioca (Lapa) project, located in BM-S-9, with first oil in Aug/2017;
2012: emergence of Plan Z and relocation of the P-71 to the Iara NW project (now Berbigão) primarily located in the BM-S-11 consortium, with first oil in Jun/2017;
2013: emergence of Plan Alpha, keeping the P-71 in the Iara NW project, with first oil in Mar/2018;
2014: emergence of Plan Beta (PNG 15-19), keeping the P-71 in the Iara NW project which is renamed Berbigão, with first oil in Apr/2019;
2015: emergence of Plan Liquidity and relocation of the P-71 to the Atapu 2 project, with first oil in 2022. Subsequently, the first oil was postponed to 2025;
2016: in PNG 17-21, the P-71 unit is maintained in Atapu 2 with first oil in Mar/2025;
2017: in PNG 18-22, the P-71 is allocated to the project to Increase the Recovery Factor of Lula, with first oil milestone in Jun/2021;
2018: in the proposal of PNG 19-23, still not approved, the P-71 is maintained in the Project to Increase the Recovery Factor of Lula, with first oil milestone expected in Jul/2021;

Many postponements had to be made since its original contract with Engevix was canceled in 2016. Because of this, a working group was formed to analyze and propose the most appropriate allocation for the P-71, since the FPSO was only 45.6% complete and had critical equipment and integration services contracted at the Jurong Aracruz Shipyard (ES).

It was concluded in 2017 that halting construction of the FPSO P-71 would cause significant economic impacts for TUPI-BV (consortium formed by PNBV, BG Group, and Galp Energia), in addition to the enormous losses from the non-utilization of US$ 820 million related to investments made and the additional cost of terminating the contract with Jurong, between US$ 118 million (if amicable) and US$ 246 million (if litigated).

After the entire analysis, it was concluded to continue the construction of the FPSO, where Petrobras approved the contracting of engineering services, supply, and manufacturing of a hull for the P-71 with Yantai CIMC Raffles Offshore in China.

In May 2019, the barge Locar V partially sank while transporting two power generation modules from the P-71 (remember the incident by clicking here). To replace the equipment, Petrobras signed a contract with Siemens.

The Jurong shipyard is currently responsible for the integration works of the FPSO P-71. Although not confirmed by Petrobras, the expected completion date for the work will be at the end of next year.

According to Petrobras, “Any impacts from the global COVID-19 pandemic are still being evaluated,” Petrobras added.

by – PetróleoHoje

Route of FPSO P-71 Still Not Defined by Petrobras

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History of FPSO P-71 Allocation by Petrobras

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