[Brazil] Búzios 9 - Petrobras 80 (P-80)

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escveritas
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[Brazil] Búzios 9 - Petrobras 80 (P-80)

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Rio de Janeiro, April 30, 2021

Petróleo Brasileiro S.A. – Petrobras informs that it has started, today, the bidding process for the acquisition of a new FPSO for the Búzios field, in the Santos Basin presalt area. Called P-80, the platform will be the ninth unit to operate in the field, with capacity to process 225 thousand barrels of oil and 12 million cubic meters of gas per day. Like FPSO Almirante Tamandaré, currently under construction, the P-80 will be the biggest oil production unit to operate in Brazil and one of the biggest in the world. The P-80 is expected to start operating in 2026.

The unit will be contracted under the EPC (engineering, procurement, and construction) modality and is the result of Petrobras' strategy to develop new projects for its own platforms, incorporating the lessons learned from the FPSOs that have already been installed in the pre-salt, including contracting and construction aspects. The contracting model, as in previous experiences, foresees the participation, by means of public pre-qualification, of national and international companies, all with recognized experience.

Petrobras continues to use the concept of standardized projects as a reference for these contracts, incorporating standardization of specifications and a market approach model. Innovations were also implemented, such as: a mechanism to treat and reinject the water produced in the reservoir;
technologies to reduce the emission of pollutant gases; and the incorporation of systems that reduce the need for diving for hull inspection.

Búzios

The Búzios field, discovered in 2010, is the largest deep-water oil field in the world. It is a world-classasset, with substantial reserves, low risk, and low lifting cost. It should reach the end of the decade with daily production above 2 million barrels of oil equivalent per day, becoming the Petrobras asset with the highest production.

Currently, there are four units operating in Búzios, which account for more than 20% of Petrobras' total production. The fifth and sixth platforms (FPSOs Almirante Barroso and Almirante Tamandaré) are under construction, and the seventh and eighth units (FPSOs P-78 and P-79) are in the contracting process.
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Re: [Brazil] Búzios 9 (FPSO P-80)

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Keppel O&M wins US$2.9b newbuild FPSO P-80 contract from Petrobras
15 Aug 2022
New generation FPSO to minimise emissions with carbon capture and reinjection as well as energy recovery capabilities

Keppel Offshore & Marine (Keppel O&M)’s wholly owned subsidiary, Keppel Shipyard, has won an international tender from Brazil’s National Oil Company, Petroleo Brasileiro S.A (Petrobras), for the engineering, procurement and construction (EPC) of P-80, a Floating Production, Storage and Offloading vessel (FPSO) for about US$2.9b.

Scheduled for completion in 1H 2026, the P-80 is the second FPSO that Keppel O&M will be building for Petrobras for the Buzios field in Brazil. The first FPSO, P-78, is currently under construction by Keppel Shipyard. The P-80 is structured on progressive milestone payments and will be cash-flow neutral during its execution lifecycle. It would add over S$4bn to Keppel O&M’s orderbook.

The P-80 will be one of the largest floating production units in the world with a production capacity of 225,000 barrels of oil per day (bopd), water injection capacity of 250,000 bpd, 12 million cubic metres of (Sm3/d) of gas processing per day and a storage capacity of two million barrels of oil. When completed, the P-80 will be on par with the largest oil producing platforms in Brazil.

Mr Chris Ong, CEO of Keppel O&M, said, “We are pleased to be selected by Petrobras for a repeat order of yet another landmark FPSO vessel, which reaffirms our capabilities as the preferred development partner for complex turnkey projects. By leveraging our strong EPC capabilities and network of yards, as well as teaming up with leading industry specialists, we have been able to offer a win-win solution that is both cost effective for our customer and profitable for Keppel O&M and our partners.

“Our first such project for the Buzios field, the P-78, is being built on this operating model. It is progressing on track with its schedule and within budget, and has been contributing to Keppel O&M’s earnings. Drawing from our experience with the P-78, we are confident that we can further enhance the efficiency and economics of the P-80, as well as generate a substantial amount of work in Brazil with thousands of jobs for the country.”

Keppel O&M will harness its global network of yards, offices and partners to undertake the project execution. The design and engineering will be carried out through its centres in Singapore, Brazil, China and India. The fabrication of the topside modules which weigh about 47,000 metric tonnes (MT) in total will be spread across its facilities in Singapore, China and Brazil, with the integration and commissioning works to be completed in Singapore. Construction of the hull and accommodation will be carried out by CIMC Raffles in China. Keppel O&M will also undertake the final phase of offshore commissioning works when the FPSO arrives at the Buzios field.

Petrobras operates the world’s largest carbon capture, utilisation and storage (CCUS) programme. The P-80, along with the P-78 FPSO, will incorporate green features such as carbon capture and reinjection of carbon back into the reservoir where it is stored. Both FPSOs are designed to maximise carbon reinjection and minimise the need for gas flaring.

In addition to CCUS, the P-80 will also be outfitted with energy recovery systems for thermal energy, waste heat and gas, as well as seawater deaeration to reduce the consumption of fuel and the carbon emissions of the vessel.

Mr Ong added, “As a leader in providing sustainable offshore energy and infrastructure assets, Keppel O&M is glad to be able to support Petrobras in reducing the carbon emissions of the P-80 and P-78. Our partnership with Petrobras in their decarbonisation journey over the years includes work on four other FPSO projects, which showcase various innovative sustainability features, and we look forward to build on our strong track record of delivering high quality vessels to them.”

Keppel O&M has delivered a significant number of projects for Brazil and Petrobras over the years, which includes FPSOs, production platforms, Floating Storage Regasification Units, drilling rigs and accommodation vessels, to support Brazil’s energy infrastructure. BrasFELS, Keppel O&M’s yard in Angra dos Reis, Brazil is currently also undertaking integration and fabrication work for two other FPSOs that will operate in the Sepia field and the Buzios field.

The above contract is not expected to have a material impact on the net tangible assets or earnings per share of Keppel Corporation Limited for the current financial year.
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