[Mexico] Area 1 (FPSO Miamte MV34)

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escveritas
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[Mexico] Area 1 (FPSO Miamte MV34)

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Tokyo, October 11, 2018 - MODEC, Inc. (“MODEC”) is pleased to announce that it has received a Letter of Intent (LOI) for supply, charter, and operations of a Floating Production Storage and Offloading (FPSO) vessel from Eni Mexico S. de R.L. de C.V. (“Eni Mexico”), a wholly owned subsidiary of Eni S.p.A., on October 3, 2018. The firm time charter period is 15 years with five (5) one-year extension options. A purchase option is included.

The FPSO will be deployed in the Offshore Area 1 some 10 kilometers off the coast of Mexico at a water depth approximately 32 meters. The field operatorship is 100% owned by Eni Mexico. The Area 1 project is currently in the pre-development phase.

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. SOFEC, Inc., a MODEC group company, will design and supply the disconnectable tower yoke mooring system of the FPSO.

The FPSO will be capable of processing 90,000 barrels of crude oil per day, 75 million cubic feet of gas per day, 120,000 barrels of water injection per day and have a storage capacity of 900,000 barrels of crude oil. The first oil production by the FPSO is planned for 2021.

MODEC has an excellent track record of Engineering, Procurement, Construction and Installation (EPCI) as well as charter and operations projects, delivering so far 46 floating production systems all over the globe including five (5) systems for Gulf of Mexico.

“We are extremely honored and proud to have been selected to provide and operate the FPSO for Eni Mexico,” commented Toshiro Miyazaki, President and CEO of MODEC. “This project will continue to allow MODEC to showcase our distinguished capabilities in EPCI, charter and operations of floating production systems. We are committed to carry out this major project by cooperating closely with our client in order to contribute to the
advancement of the energy industry in Mexico.”

The FPSO will be deployed in the Offshore Area 1 some 10 km off the coast of Mexico at a water depth approximately 32 m.

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. SOFEC, Inc., a MODEC group company, will design and supply the disconnectable tower yoke mooring system of the FPSO.

The FPSO will be capable of processing 90,000 barrels of crude oil per day, 75 million cubic feet of gas per day, 120,000 barrels of water injection per day and have a storage capacity of 900,000 barrels of crude oil. The first oil production by the FPSO is planned for 2021.

MODEC will own the FPSO and provide the operations and maintenance services for an initial 15 year period with the option of one-year extensions for a further 5 years.
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Re: [Mexico] FPSO MIAMTE MV34

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Participation of Mitsui and MOL and Conclusion of Financing for FPSO Charter Project of MODEC for Area 1 Block offshore Mexico

MODEC, Inc. ("MODEC," Head Office: Chuo-ku, Tokyo; President & CEO: Yuji Kozai), Mitsui & Co., Ltd. ("Mitsui," Head Office: Chiyoda-ku, Tokyo; President & CEO: Tatsuo Yasunaga) and Mitsui O.S.K. Lines, Ltd. ("MOL," Head Office: Minato-ku, Tokyo; President & CEO: Junichiro Ikeda) jointly announce that Mitsui and MOL have participated in a long-term charter business ("the Project") operated by MODEC for the purpose of providing a floating production, storage, and offloading system ("the FPSO") for use in the Area 1 block offshore Mexico and a loan agreement for the Project was entered into on April 12, 2019.

Mitsui and MOL invested in Area1 Mexico MV34 B.V. ("MV34"), a Dutch company established by MODEC, which will engage in FPSO leasing, operations and maintenance services. In December 2018, MV34 concluded the charter agreement with Eni Mexico S. de R.L. de C.V. ("Eni Mexico"), the operator of Area 1 block and a subsidiary of Eni S.p.A. The charter contract initially runs for 15 years, with options for extension every year thereafter up to 5 additional years.

The loan agreement on a project finance basis was signed by Sumitomo Mitsui Banking Corporation (lead arranger), MUFG Bank, Ltd., Mizuho Bank, Ltd., Sumitomo Mitsui Trust Bank, Limited, Société Générale, BNP Paribas, Oversea-Chinese Banking Corporation Limited, Clifford Capital Pte. Ltd. and Crédit Industriel et Commercial. This is the first project finance for the FPSO project in Mexico.

Mexico has seen numerous significant discoveries of expansive offshore oil fields in recent years, thereby giving rise to expectations of fresh demand for additional FPSO in the region. Area 1 block is owned by a consortium of two companies including Eni Mexico as operator and Qatar Petroleum. Construction of the FPSO is planned to be completed in 2021, and the FPSO will be deployed for the development of the Area 1 block at water depths of about 32 meters.


[Outline of the FPSO]

Oil processing capacity : 90,000 barrels per day
Gas processing capacity : 75 million cubic feet per day
Oil storage capacity : 900,000 barrels
Mooring type : Disconnectable Tower Yoke

[Controlling stake of MV34]

MODEC, Inc. : 35.0%
Mitsui & Co., Ltd. : 35.0%
Mitsui O.S.K. Lines, Ltd. : 30.0%
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Re: [Mexico] Area 1 (FPSO MIAMTE MV34)

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FPSO MIAMTE MV34 arrives Singapore for final integration.
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Re: [Mexico] Area 1 (FPSO MIAMTE MV34)

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Eni offloads and exports first oil cargo from MIAMTE MV34 FPSO in Mexico



Mexico City (Mexico), 14 April 2022 - The first cargo from MIAMTE FPSO (Floating Production, Storage and Offloading), operating at the Miztón, Amoca and Tecoalli fields in Area 1, Gulf of Mexico, was successfully offloaded and exported today. This achievement marks an important milestone for the oil and gas sector in Mexico, being Eni the first international energy company to develop a complex offshore project being able to export the oil to international market.

The first offloading and export from MIAMTE FPSO comes following early production from Miztón in June 2019 and after less than 3.5 years from the Final Investment Decision of Area 1 Project. This fast-track development has been possible thanks to the full alignment between the Mexican Government, the relevant local authorities and Eni, and confirms the company’s commitment to meet project schedule and contractual obligations, actively supporting the Country in the implementation of its energy development plan.

MIAMTE FPSO has a crude oil treatment capacity of 90 thousand barrels of oil per day, a crude oil storage capacity of 700,000 barrels and a gas treatment capacity of 75 million standard cubic feet per day and it was designed with the best energy efficiency technologies as well as a zero-flaring philosophy. It reached Mexico early January 2022 and, following the completion of the integrated commissioning activities, started operations on February 23rd.

The full development of Area 1 will include 33 wells connected to 3 wellhead platforms plus 1 monopod, in addition to the FPSO. The full development of Area 1 will include 33 wells connected to 3 wellhead platforms plus 1 monopod, in addition to the FPSO. Presently the first 2 wellhead platforms are in operations on Mitzon and Amoca fields while further activities for the development of Tecoalli and Amoca are underway.

Mexico is a key country in Eni’s organic growth strategy. The company, which has been leading upstream investments in Mexico, has been present in the country since 2006 and has established in 2015 its subsidiary Eni Mexico S. de R.L. de C.V. Eni currently holds 100% share in Area 1 and interests in other seven exploration and production blocks (five as an Operator), all located in the Sureste Basin in the Gulf of Mexico.
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