FPSO passes recertification with flying colours, paving the way for charter extension

Classification society DNV (Det Norske Veritas) has issued a recertification for a floating, production, storage, and offloading (FPSO) vessel working on an Enauta-operated field offshore Brazil.  

Enauta disclosed on Tuesday that the recertification of the FPSO Petrojarl I would enable the extension of the current charter agreement with Altera Infrastructure for up to two years, until May 2025.

Carlos Mastrangelo, COO at Enauta, remarked: “The recertification is a relevant step in the transition process from Atlanta’s Early Production System (EPS) to the Full Development System (FDS), it eliminates the main risk to the company’s operation and production in the short term and paves the way for continuous cash generation until the start of operations of the FDS, expected for mid-2024.”

Thanks to a contract extension from January 2022, this FPSO will continue operating on the field until the entry of the FDS, which is expected by mid-2024, initially with six wells, reaching ten wells in 2029. 

To this end, Enauta inked a purchase deal with Malaysia’s Yinson – based on the Letter of Intent (LoI) from December 2021 – for the FPSO OSX-2, which was closed in February. Currently, the vessel is being converted at Dubai Drydocks World.

Once the conversion is completed, the vessel – FPSO Atlanta – will be deployed at the Atlanta field and operated under ABS Class.

With estimated reserves of 106 MMbbl, the Atlanta field, located in block BS-4 in the Santos Basin at a 1,500-metre water depth, is operated by Enauta Energia, a wholly-owned subsidiary of the company, which also has a 100 per cent interest in this asset.