MODEC Secures Investment for Brazilian FPSO Project

Mitsui, MOL and Marubeni will invest in a long-term charter business currently promoted by MODEC for the purpose of providing a floating production, storage, and offloading system (“the FPSO”) for use in the Carioca area of a pre-salt oil field off the coast of Brazil.

Based on these agreements, Mitsui, MOL and Marubeni will invest in Carioca MV27 B.V. (“MV27”), a Dutch company established by MODEC, and the Companies will proceed with the Project jointly. MV27 has signed a long-term chartering agreement for the deployment of the vessel by the BM-S-9 Consortium – Petrobras (45%), BG Group (30%) and Repsol Sinopec Brasil S.A. (25%). The FPSO will be chartered for 20 years under this chartering agreement signed in December 2013.

The FPSO will be named “FPSO Cidade de Caraguatatuba MV27” and will be deployed to the Carioca area of the BM-S-9 block off the coast of Brazil in the third quarter of 2016. The area is part of a deepwater oil field located approximately 300 km south of Rio de Janeiro, Brazil. The oil is contained in the pre-salt layer approximately 5,000 m beneath the seabed.

The Project is the third occasion under which the Companies have collaborated to operate FPSOs for pre-salt oil fields.

The Schahin Group, the joint bidder with MODEC for this Project as the local partner in Brazil, has the option to invest up to 15% in MV27 prior to the commencement of the FPSO charter.

Press Release, December 18, 2013

 

Share this article

Follow Offshore Energy Today

Posted on December 18, 2013

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply