Japanese deal for Brazilian FPSO through Dutch JV

Three companies from Japan, MODEC, Inc., Mitsui O.S.K. Lines, Ltd. and Marubeni Corporation will establish a joint venture company which will own a floating, production, storage and offloading vessel to be deployed in Brazil.

Under the agreement, Mitsui, MOL and Marubeni will invest in Tartaruga MV29 B.V. (“MV29”), a Dutch company established by MODEC. The MV29 will, under a long term charter agreement with Petrobras, provide an FPSO which will be deployed at the Tartaruga Verde and Tartaruga Mestiça fields, around 125 kilometers from Macaé.

The FPSO will stay with Petrobras for twenty years, under the agreement signed in February this year. It will be named FPSO Cidade de Campos dos Goytacazes MV29, and will have a capacity to process 150.000 barrels of oil per day and 176 million cubic feet per day of gas. The unit’s storage capacity will be 1.6 million barrels.

Upon the execution of the JV agreement, the partners in the MV29 will be as follows: MODEC, Inc. 29.4%; Mitsui & Co., Ltd. 32.4%; Mitsui O.S.K. Lines, Ltd. 20.6%; Marubeni Corporation 17.6%;

The FPSO is expected to be moored at its Brazilian location in the fourth quarter of 2017.

Offshore Energy Today Staff

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