Petrobras, Partners Hire FPSO for Carioca

October 30, 2013

Brazil’s state-controlled oil company Petrobras, the operator for the BM-S-9 consortium, announces, together with its partners BG E&P Brasil and Repsol Sinopec Brasil, that the company’s affiliate Guará BV has signed on its behalf a letter of intent to charter, through Modec Inc. and Schahin Petróleo e Gás S.A., an FPSO (floating production, storage and offloading unit) for use in production development of the pre-salt layer in the Carioca area, part of the Santos Basin’s block BM-S-9.

The project provides for the initial connection of eight wells to the FPSO, four as producing wells and four for injection, with the possibility of subsequent additional wells. The Carioca area is expected to start producing in August 2016.

The platform will have a processing capacity of up to 100,000 barrels per day (bpd) of oil and 5 million m³/day of natural gas. The FPSO will be operated by the companies responsible for its construction and chartered to the BM-S-9 Consortium for a period of 20 years. The Carioca FPSO is scheduled to be delivered by June 2016.

The BM-S-9 Consortium is a partnership between Petrobras (the operator, with a 45% stake), BG E&P Brasil Ltda. (30%) and Repsol Sinopec Brasil S.A. (25%).

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Press Release, October 30, 2013