According to PetróleoToday, Petrobras may change its current Business Plan and install the FPSO P-71 in the Itapu field. Currently, the P-71 platform vessel is planned by the state-owned company to be installed in the Lula field. Petrobras stops oil production on six platforms in the Campos Basin, in RJ.

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According to information from the Federal Court of Auditors, Petrobras intended to use the FPSO P-71 in the transfer of rights project, but in order to maximize profits, the oil company decided to back out.

Allocating the P-71 to Itapu will delay the first FPSO oil by seven months, in addition to reducing the Net Present Value (NPV) forecast for the project by US$ 173,2 million.

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

FPSO P-71 Petrobras allocation history

Since November 2010, Petrobras has been studying several alternatives for the allocation of FPSO P-71 in light of the strategies adopted for the execution of the pre-salt Pole projects in the Santos Basin.

• 2010: allocated to the Iara Horst project (currently Sururu) located in the BM-S-11 consortium, with first oil in Jun/2016;
• 2011: emergence of Plan B and displacement of P-71 to the Carioca project (Lapa), located on BM-S-9, with first oil in Aug/2017;
• 2012: emergence of Plano Z and displacement of the P-71 to the Iara NW project (currently Berbigão) located mostly in the BM-S-11 consortium, with first oil in Jun/2017;
• 2013: emergence of the Alfa Plan, keeping the P-71 in the Iara NW project, with the first oil in Mar/2018;
• 2014: emergence of the Beta Plan (PNG 15-19), keeping the P-71 in the Iara NW project, which is now called Berbigão, with first oil in Apr/2019;
• 2015: Emergence of the Liquidity Plan and displacement of the P-71 to the Atapu 2 project, with the first oil in 2022. Later, the first oil was postponed to 2025;
• 2016: in PNG 17-21, the P-71 unit is maintained at Atapu 2 with first oil in Mar/2025;
• 2017: in PNG18-22, the P-71 is allocated to the Lula Recovery Factor Increase project, with the milestone of first oil in Jun/2021;
• 2018: in the PNG 19-23 proposal, not yet approved, the P-71 is maintained in the Lula FR Increase Project, with the first oil milestone scheduled for Jul/2021

Many postponing changes had to be made, since its original contract with Engevix was canceled in 2016. Due to this, a working group was built to analyze and propose the most appropriate destination for the P-71, once the FPSO had only 45,6% completed and critical equipment and the integration service at Estaleiro Jurong Aracruz (ES) were contracted.

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

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

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

The Jurong shipyard is currently responsible for the integration works of FPSO P-71. Despite not being accepted by Petrobras, the forecast for completion of the work will be at the end of next year.

According to Petrobras, “Eventual impacts of the global pandemic of COVID 19 are still being evaluated”, added Petrobras.

por- OilToday