Photo: Illustration; Image Courtesy: Modec

Four Japanese Companies Partner Up on FPSO Charter Project

Mitsui & Co., Mitsui O.S.K. Lines (MOL), and Marubeni Corporation are to invest in a long-term charter business currently promoted by Modec for the purpose of providing a floating production, storage, and offloading system (FPSO) for use in the Buzios field off the coast of Brazil.

The above four Japanese companies entered into related agreements on November 12, 2019.

Based on these agreements, Mitsui, MOL and Marubeni will invest in Buzios5 MV32 B.V. (MV32), a Dutch company established by MODEC. The companies will proceed with the project jointly.

Specifically, Modec will own 35 percent, Mitsui 35 percent, MOL 20 percent and Marubeni 10 percent in MV32.

MV32 has reached a long-term charter agreement for the deployment of the FPSO with Petróleo Brasileiro S.A. (Petrobras), the Brazilian state oil company. The FPSO will be chartered for 21 years under this charter agreement which was signed on September 24, 2019.

The unit will be named FPSO Almirante Barroso MV32 and deployed at the Búzios field located in the giant “pre-salt” region of the Santos Basin. The field is located approximately 180 kilometers from Rio de Janeiro, in the southeast coast of Brazil. FPSO will be moored in 1,900 meters water depth, in the year of 2022.

As informed, this is the seventh project under which the quartet has collaborated to operate FPSOs in Brazil.


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