Japanese firms team up for Brazilian FPSO project

Japanese companies have teamed up to proceed with a charter project for the deepwater FPSO for the Petrobras-operated Marlim field located offshore Brazil.

MODEC, Mitsui, Mitsui O.S.K. Lines (MOL), and Marubeni have agreed that Mitsui, MOL and Marubeni will invest in a long-term charter business currently promoted by MODEC for the purpose of providing an FPSO for use in the Marlim field.

The four companies entered into related agreements on Thursday, January 30, 2020.

Based on these agreements, Mitsui, MOL, and Marubeni will invest in Marlim1 MV33 B.V. (MV33), a Dutch company established by MODEC, and the companies will proceed with the project jointly.

MV33 has received a letter of intent for a long-term charter agreement for the deployment of the FPSO in October 2019 from Petrobras, the Brazilian state oil company. The FPSO will be chartered for 25 years under this charter agreement.

The FPSO will be named Anita Garibaldi MV33 and will be deployed at the Marlim field situated in the Campos Basin. The field is located approximately 150 kilometers from Rio de Janeiro, in the southeast coast of Brazil. FPSO will be moored in approximately 670 meters water depth, in the year of 2022.

The project is the eighth occasion under which the companies have collaborated to operate FPSOs in Brazil.

The FPSO will be capable of processing 80,000 barrels of crude oil per day, 248 million standard cubic feet of gas per day, 390,000 barrels of water injection per day and will have minimum storage capacity of 1,000,000 barrels of crude oil.

Also on Thursday, MODEC signed a sales and purchase agreement with Equinor to supply an FPSO vessel for the Bacalhau field offshore Brazil. According to MODEC, the FPSO will be the largest FPSO ever delivered to Brazil.

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