[Brazil] Mero-4 - FPSO Alexandre de Gusmão

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[Brazil] Mero-4 - FPSO Alexandre de Gusmão

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Libra Consortium takes final investment decision on Mero-4 FPSO in Brazilian pre-salt


Aug 2, 2021

Shell Brasil Petróleo Ltda. (Shell Brasil) announced today a final investment decision taken by the Libra consortium, operated by Petrobras, to contract the Mero-4 floating production, storage and offloading (FPSO) vessel to be deployed at the Mero field in the Santos Basin offshore Brazil.This is the fourth production system to be deployed in the Mero field. Final investment decisions were previously taken for the Mero 1, Mero 2 and Mero 3 FPSOs. Each unit has a daily operational capacity rate of 180,000 barrels of oil/day. The Pioneiro de Libra FPSO (50,000 barrels of oil/day) has been producing at Mero since 2017 and is a key source of information for the Libra consortium to aid further development and optimize productivity of the field, reservoir and wells.

“As a replication of previous FPSOs for the Brazilian pre-salt, Mero-4 is a testimony to the way the Libra Consortium partners are working together in an integrated way to streamline and make our processes more efficient,” said Wael Sawan, Upstream Director, Royal Dutch Shell. “We are proud to continue working alongside our partners to leverage our collective expertise to develop the country’s resources in a competitive and responsible manner.”

Shell’s Powering Progress strategy to thrive through the energy transition includes increasing investment in lower carbon energy solutions, while continuing to pursue the most energy efficient and highest return Upstream investments. In addition to its operations in Brazil, Shell is also the leading operator in the U.S. Gulf of Mexico.

Editors Notes
  • Shell Brasil is a subsidiary of Royal Dutch Shell plc.
  • In addition to operations in Brazil and the US Gulf of Mexico, Shell’s deep-water portfolio includes frontier exploration opportunities in Mexico, Suriname, Argentina and West Africa.
  • The Mero field is part of the Libra Production Sharing Contract (PSC), signed in Dec 2013. Libra is located in the Santos basin, 170 km south of Rio de Janeiro in 2100 m of water.
  • The Libra consortium, which operates production on the Libra block, is led by Petrobras – with a 40% stake – in partnership with Shell Brasil (20%); TotalEnergies (20%); CNPC (10%) and CNOOC Limited (10%). The consortium also has the participation of the Brazilian state-owned company Pré-Sal Petróleo - PPSA, which operates as contract manager.
  • Petrobras has signed a letter of intent with SBM Offshore for the chartering and provision of the FPSO to be installed at the Mero-4 development.
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Re: [Brazil] Mero-4 (FPSO Alexandre de Gusmão)

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SBM Offshore signed the Letter of Intent for FPSO Alexandre de Gusmão lease and operate contracts
August 3, 2021

SBM Offshore is pleased to announce that it has signed with Petróleo Brasileiro S.A. (Petrobras) the Letter of Intent for a 22.5 years lease and operate contracts of FPSO Alexandre de Gusmão. The unit will be deployed at the Mero field in the Santos Basin offshore Brazil, approximately 160 kilometers from Arraial do Cabo, Rio de Janeiro state, in Brazil.

The Libra block, where the Mero field is located, is under a Production Sharing Agreement to a Consortium comprised of Petrobras with 40 percent, Shell Brasil with 20 percent, Total Energies with 20 percent, CNODC and CNOOC with 10 percent each and the state-owned company Pré-Sal Petróleo SA as manager of the Production Sharing Contract.

SBM Offshore will design and construct the FPSO Alexandre de Gusmão using its industry leading Fast4Ward® program as it incorporates the Company’s new build Multi-Purpose Floater (MPF) hull combined with several standardized topsides modules. SBM Offshore’s fifth MPF hull has been allocated to this project. Completion of the FPSO is expected in 2024.

The FPSO will be designed to produce 180,000 barrels of oil per day and treat 12 million standard cubic meters of gas per day. Furthermore, the unit will have a water injection capacity of 250,000 barrels per day and a minimum storage capacity of 1.4 million barrels of crude oil. The unit will be spread moored in approximately 1,900 meters water depth.

Bruno Chabas, CEO of SBM Offshore, commented:

“The signing of this Letter of Intent is the second major project award this year by our key client Petrobras. Our industry leading Fast4Ward® program continues to address clients’ needs to develop large-scale and complex FPSOs providing cost efficient and low GHG intensity solutions.”
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Re: [Brazil] Mero-4 (FPSO Alexandre de Gusmão)

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SBM Offshore signs FPSO Alexandre de Gusmão contracts

Nov 30 2021

SBM Offshore is pleased to announce it has signed contracts with Petróleo Brasileiro S.A. (Petrobras) for the 22.5 years lease and operation of FPSO Alexandre de Gusmão. These contracts follow the signing of the binding Letter of Intent as announced on August 3, 2021.

FPSO Alexandre de Gusmão will be deployed at the Mero field in the Santos Basin offshore Brazil, approximately 160 kilometers from Arraial do Cabo, Rio de Janeiro state. Mero is a project under Libra Consortium responsibility, in which Petrobras is the operator with 40 percent and with the following partners: Shell Brasil with 20 percent, TotalEnergies with 20 percent, CNODC and CNOOC Limited with 10 percent each, together with Pré-sal Petróleo S.A. (PPSA) as manager of this contract.

SBM Offshore is progressing with the design and construction using its industry leading Fast4Ward® program. First oil is expected in 2025.
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Re: [Brazil] Mero 4 - FPSO Alexandre de Gusmão

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Petrobras signs contract to supply the Mero 4 FPSO

Published: 11/29/2021 18:41:50

Petrobras, in continuation of the statement released on 08/02/2021, informs that the company has signed contracts with SBM Offshore for the charter and provision of services of the FPSO Alexandre de Gusmão, the fourth definitive system to be installed in the Mero field, located in Santos Basin pre-salt. The contracts follow the same parameters as the letter of intent signed in August this year. The forecast is for the unit to start producing in 2025.

The FPSO, whose acronym in English stands for floating oil production, storage and transfer unit, will be installed approximately 160 kilometers from Arraial do Cabo, in Rio de Janeiro, and will have a processing capacity of 180,000 barrels of oil and 12 million barrels of oil. m³ of gas per day. The contracts will last for 22 years and 6 months, counting from the final acceptance of the unit.

The project foresees the interconnection of 15 wells to the FPSO, being 8 oil producers, 6 water and gas injectors, 1 well convertible from producer to gas injector, through an underwater infrastructure composed of rigid production and injection pipelines and flexible pipelines services. So far, the project has had 4 wells drilled and 2 completed.

The contracts reinforce the performance of Petrobras in partnership in the E&P area, with a focus on deep and ultra-deep waters. The company continues to operate efficiently and competitively, maximizing the potential of its assets and promoting greater returns for the company and society.

About Campo de Mero

The Mero field is the third largest in the pre-salt and is located in the Libra area, operated by Petrobras (40%) in partnership with Shell Brasil Petróleo Ltda. (20%), TotalEnergies EP Brasil Ltda. (20%), CNODC Brasil Petróleo e Gás Ltda. (10%), CNOOC Petroleum Brasil Ltda. (10%) and Pre-Sal Petróleo S.A. (PPSA), which manages this contract.

The forecast is that the production of the first definitive Mero system (Mero 1) will start in 2022, through the FPSO Guanabara, followed by Mero 2 (FPSO Sepetiba), in 2023, and Mero 3 (FPSO Marechal Duque de Caxias) , in 2024.
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Re: [Brazil] Mero-4 (FPSO Alexandre de Gusmão)

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SBM Offshore is pleased to announce that it has secured a US$620 million bridge loan facility for the financing of the construction of FPSO Alexandre de Gusmão.

The FPSO Alexandre de Gusmão will be deployed at the Mero field in the Santos Basin offshore Brazil. Mero is a project under Libra Consortium responsibility, in which Petrobras is the operator with 40 percent and with the following partners: Shell Brasil with 20 percent, TotalEnergies with 20 percent, CNODC and CNOOC Limited with 10 percent each, together with Pré-sal Petróleo S.A. (PPSA) as manager of this contract.

The facility was secured by the special purpose company which will own FPSO Alexandre de Gusmão. Currently, SBM Offshore is the sole owner of this special purpose company. Discussions around the divestment of 45% of the equity ownership to partners continue to progress.

The facility will be fully drawn in the coming days to finance the ongoing construction of the FPSO Alexandre de Gusmão. The tenor of the bridge loan is twelve months with an extension option for another six months. Repayment is expected to take place upon closure and first drawdown of the project loan.
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Re: [Brazil] Mero-4 - FPSO Alexandre de Gusmão

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SBM Offshore completes US$1.615 billion financing of Alexandre de Gusmão

20 Jun 2023

SBM Offshore is pleased to announce it has signed the project financing of FPSO Alexandre de Gusmão for a total of US$1.615 billion.

The project financing is provided by a consortium of 12 international banks with insurance cover from 3 international Export Credit Agencies (ECA). The financing is composed of four separate facilities with a ca. 6.6% weighted average cost of debt and a 14-year post-completion maturity for both the ECA covered facilities and the uncovered facility.

The FPSO's design incorporates SBM Offshore's industry leading Fast4Ward® new build, multi-purpose hull. It will have a processing capacity of 180,000 barrels of oil and 12 million m3 of gas per day. The FPSO will have an estimated greenhouse gas (GHG) emission intensity within the range of 8-12 kgCO2e/boe[1] for the Company’s new build FPSOs, benefiting from proprietary emission reduction technologies.

FPSO Alexandre de Gusmão is owned and operated by special purpose companies owned by affiliated companies of SBM Offshore (55%) and its partners (45%). The FPSO will be deployed at the Mero unitized field located in the Santos Basin approximately 160 kilometers offshore Rio de Janeiro in Brazil, under a 22.5-year lease and operate contract with Petróleo Brasileiro S.A. (Petrobras). The Mero unitized field is operated by Petrobras (38.6%), in partnership with Shell Brasil (19.3%), TotalEnergies (19.3%), CNPC (9.65%), CNOOC (9.65%) and Pré-sal Petróleo S.A. – PPSA (3.5%), representing the Government in the non-contracted area.
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