MODEC, partners proceed with FPSO project offshore Brazil

Mitsui & Co. Ltd., Mitsui OSK Lines Ltd., Marubeni Corp., and Mitsui Engineering & Shipbuilding Co. Ltd. agreed to invest in Sepia MV30 BV, which will provide a floating production, storage, and offloading vessel in the Sepia area offshore Brazil, MODEC Inc. said.

Mitsui & Co. Ltd., Mitsui OSK Lines Ltd., Marubeni Corp., and Mitsui Engineering & Shipbuilding Co. Ltd. agreed to invest in Sepia MV30 BV, which will provide a floating production, storage, and offloading vessel in the Sepia area offshore Brazil, MODEC Inc. said.

MV30 signed a 21-year charter agreement to deploy an FPSO with Petroleo Brasileiro SA (Petrobras) in a presalt oil field. MODEC established MV30 and retains 20.1% interest while Mitsui & Co. has 32.4%, Mitsui OSK 20.6%, Marubeni 17.6%, and Mitsui Engineering 9.3%.

Petrobras operates the Sepia area in Santos basin on Block BM-S-24 about 160 miles offshore Rio de Janeiro state in 7,100 ft of water. Galp Energia, through its subsidiary Petrogal Brasil, has a 20% interest in the block. Total estimated recoverable volume of Sepia East is 130 million boe.

The FPSO will have the capacity to process 180,000 b/d of oil and 212 MMcfd of natural gas. Storage capacity is 1.4 million bbl.

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