[Brazil] Mero-1 (FPSO Guanabara MV31)

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escveritas
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[Brazil] Mero-1 (FPSO Guanabara MV31)

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MODEC awarded Charter and Operation services Contract for Mero Pilot FPSO by Petrobras and Partners of LIBRA Consortium
Tokyo, December 19, 2017

MODEC, Inc. ("MODEC") is pleased to announce that it has signed the contract for supply, charter, and operations of a Floating Production Storage and Offloading (FPSO) vessel with Petróleo Brasileiro S.A. ("Petrobras") as Leader and Operator of the Libra Consortium on December 14th, 2017. The firm charter period of the contract is 22 years.

The FPSO will be deployed at the Mero field in the giant "pre-salt" region of the Santos Basin some 180 kilometers off the coast of Rio de Janeiro, Brazil at a water depth approximately 2,100 meters. The Libra Consortium is formed by Petrobras (operator, 40%), Shell Brasil (20%), Total (20%), CNPC (10%) and CNOOC Limited (10%), and state-owned Pré-Sal Petróleo S.A. (PPSA), as manager of the production sharing contract.

MODEC is responsible for the engineering, procurement, construction, mobilization, installation and operation of the FPSO, including topsides processing equipment as well as hull and marine systems. A MODEC group company, SOFEC, Inc. will design and supply the spread mooring system.

The FPSO will be capable of processing 180,000 barrels of crude oil per day, 12 million cubic meters of gas per day, 225,000 barrels of water injection per day and will have storage capacity of 1,400,000 barrels of crude oil. The first oil production by the FPSO is planned for 2021.

This is the 14th FPSO/FSO vessel which MODEC will provide in Brazil, as well as MODEC's 7th FPSO in the "pre-salt" following the FPSO Cidade de Angra dos Reis MV22, the FPSO Cidade de São Paulo MV23, the FPSO Cidade de Mangaratiba MV24, the FPSO Cidade de Itaguaí MV26, the FPSO Cidade de Caraguatatuba MV27 and the FPSO Carioca MV30 of which MODEC has been awarded a contract for supply, charter, and operations by Petrobras in October 2017.

The FPSO will be delivered with Brazilian local content, following the successful experience of the latest projects in the country.

"We are extremely honored and proud to have been selected to provide and operate the FPSO for the Libra Consortium, in addition to the currently awarded another world class facility, the FPSO for Sépia field," commented Toshiro Miyazaki, President and CEO of MODEC. "We are committed to carry out these major projects by cooperating closely with our client and partners in order to contribute to the advancement of energy industry in Brazil."
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Re: [Brazil] Mero-1 (FPSO Guanabara MV31)

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The Japan Bank for International Cooperation (JBIC; Governor: Tadashi Maeda) signed on July 27, 2018, a loan agreement amounting up to approximately USD467 million (JBIC portion) with Dutch company Libra MV31 B.V. (LMV31) incorporated by MODEC, Inc.(MODEC), Mitsui & Co., Ltd., Mitsui O.S.K. Lines, Ltd., Marubeni Corporation, and Mitsui E&S Holdings Co., Ltd. based in Japan. The purpose of the loan, provided as project finance*1, is to finance long-term FPSO*2 vessel chartering services to be provided to Petróleo Brasileiro S.A. (Petrobras), a state-owned oil company in Brazil for developing the Mero oil field*3 in the Libra Block located off the coast of Brazil in which Petrobras and other field partners hold interests. The loan is co-financed with MUFG Bank, Ltd., (facility agent), Sumitomo Mitsui Banking Corporation, ING Bank N.V., Société Générale, Mizuho Bank, Ltd., ABN AMRO Bank N.V., Crédit Industriel et Commercial, and Clifford Capital Pte. Ltd. The total co-financing amount is approximately USD995 million.

In this project, MODEC will build an FPSO unit with the capacity to produce up to 180 thousand barrels of crude oil per day and 424 million cubic feet of gas per day, and store 1.4 million barrels of crude oil. LMV31 will provide FPSO vessel chartering services to Petrobras for 22 years, including leasing, operation and maintenance services.

As oil companies in a number of countries have been actively developing offshore oil fields in recent years, they foresee an increasing need for new FPSO systems, primarily in Latin America (namely Brazil) and the Western African region. Petrobras, which is engaged in developing many offshore oil fields in Brazil, expressed its intention to focus on offshore oil field development business. MODEC views Brazil as a promising market for the FPSO business. This project is the 11th FPSO vessel chartering service to be provided to Petrobras by MODEC.

The Japanese government's Basic Plan on Ocean Policy*4 stipulates, concerning the substantial amount of methane hydrate deposits expected to exist in waters around Japan: "Develop technologies for utilizing methane hydrate with the aim of launching commercialization projects led by private-sector corporations by the mid-2020s." In this project, Japanese underwater energy resource development companies provide an FPSO charter service which is an indispensable component for offshore resource development. Therefore, this loan will lead to the strengthening the international competitiveness of Japanese companies in offshore resource development by helping them acquire and improve technologies, management practices, and know-how regarding the operation of FPSO systems, thereby this financing is expected to contribute to the securing of access to resources and their stable supply of natural resources to Japan.

As Japan's policy-based financial institution, JBIC will continue to support Japanese companies in expanding their business to foreign countries including Africa and Brazil, which are particularly active in marine resources development, with a view to acquiring strategically important resources for Japan as well as maintaining and increasing the international competitiveness of the Japanese marine industry.
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Re: [Brazil] Libra (FPSO Guanabara MV31)

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FPSO Guanabara MV31 seen here on transit in Singapore strait, on her maiden voyage towards Petrobras operated Mero field (formerly Libra). She will be moored in the field at a water depth of 2,100m. She was towed by Boka Summit (Boskalis )

The FPSO is capable of processing 180,000 barrels of crude oil per day, 424 million standard cubic feet of gas per day, 225,000 barrels of water injection per day and has storage capacity of 1,400,000 barrels of crude oil.
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Re: [Brazil] Mero-1 (FPSO Guanabara MV31)

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Libra Consortium announces first production at Mero field’s FPSO Guanabara in Brazilian pre-salt

Image

May 2, 2022

Shell Brasil Petróleo Ltda. (Shell Brasil), a subsidiary of Shell plc, announces the start of production of the FPSO Guanabara in the Mero field, offshore Santos Basin in Brazil. The FPSO Guanabara, which while under construction was also known as Mero-1, has an installed capacity of 12 million cubic meters of natural gas and 180,000 barrels of oil per day and initially has six producing wells and seven injector wells connected to the field.

“Today’s announcement serves as the latest reminder of the strength of our position in Deep Water in Brazil with world-class assets, a prolific basin and a robust portfolio,” said Zoe Yujnovich, Shell Upstream Director. “Mero is part of our core Upstream position, which is a cornerstone of our Powering Progress strategy to deliver the stable, secure energy resources the world needs today while investing in the energy of the future.”

Located 150 kilometers from the Rio de Janeiro coast and in a water depth that reaches 1,930 meters, Mero will receive three more FPSOs between 2023 and 2025. Shell’s Powering Progress strategy includes increasing investment in lower carbon energy solutions, while continuing to pursue the most resilient, competitive, and highest return Upstream investments to sustain material cash delivery into the 2030s, to support our dividend and fund Shell's transformation. Our global deep-water portfolio represents two core positions in our Upstream business with prolific basins in the US and Brazil, along with an exciting frontier exploration portfolio in Mexico, Suriname, Argentina, and West Africa.

Notes to editors
  • Shell Brasil Petroleo is a subsidiary of Shell plc.
  • Final Investment Decision (FID) on Mero-1 was announced in 2018.
  • 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.
  • Modec is responsible for the engineering, procurement, construction, mobilization, installation, and operation of FPSO Guanabara, including topsides processing equipment as well as hull and marine systems.
  • After the unitization in 2018, Shell Brasil holds a 19.3 percent stake in Mero, along with Petrobras (operator), with a 38.6 percent stake, TotalEnergies (19.3 percent), CNPC (9.65 percent), CNOOC Limited (9.65 percent), and PPSA (3.5 percent).
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