MODEC has announced that Petrobras has signed a letter of intent for a floating production, storage, and offloading (FPSO) vessel for the BM-S-9 (Guara) block in the presalt region of the Santos Basin.
The BM-S-9 block is under concession to a consortium formed by Petrobras (45%), BG (30%), and Repsol (25%).
The letter of intent was issued to the Schahin Group and MODEC, who have partnered for the leased FPSO. SOFEC will design and provide the spread mooring.
MODEC will convert the very large crude carrier (VLCC) Radiant Jewel into the FPSO Cidade de Sao Paulo MV23. The FPSO will be capable of processing 120,000 b/d of oil and will be the seventh vessel MODEC will provide and operate in Brazil.
“This is our second vessel for Petrobras in the presalt discoveries, and we hope to participate with Petrobras in future production units for this exciting area,” Nobuhiro Yaji, president and co- CEO of MODEC, said.
Recommended Reading
NOG Closes Utica Shale, Delaware Basin Acquisitions
2024-02-05 - Northern Oil and Gas’ Utica deal marks the entry of the non-op E&P in the shale play while it’s Delaware Basin acquisition extends its footprint in the Permian.
Vital Energy Again Ups Interest in Acquired Permian Assets
2024-02-06 - Vital Energy added even more working interests in Permian Basin assets acquired from Henry Energy LP last year at a purchase price discounted versus recent deals, an analyst said.
California Resources Corp., Aera Energy to Combine in $2.1B Merger
2024-02-07 - The announced combination between California Resources and Aera Energy comes one year after Exxon and Shell closed the sale of Aera to a German asset manager for $4 billion.
DXP Enterprises Buys Water Service Company Kappe Associates
2024-02-06 - DXP Enterprise’s purchase of Kappe, a water and wastewater company, adds scale to DXP’s national water management profile.
Tellurian Exploring Sale of Upstream Haynesville Shale Assets
2024-02-06 - Tellurian, which in November raised doubts about its ability to continue as a going concern, said cash from a divestiture would be used to pay off debt and finance the company’s Driftwood LNG project.