Brazil court rules for Petrobras to sell offshore fields

Four Japanese firms join Modec in Sepia FPSO deal

Jan 09, 2018
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MODEC has agreed with four Japanese companies, Mitsui, MOL, Marubeni and MES to jointly develop an ultra-deepwater FPSO for Petrobras in Santos basin off Brazil.

The Sépia field is located 250 kilometers off the coast of Rio de Janeiro, Brazil at a water depth approximately 2,200 meters.

MODEC has agreed with Mitsui & Co., (Mitsui), Mitsui O.S.K. Lines (MOL), Marubeni Corporation and Mitsui Engineering & Shipbuilding Co. (MES) that they will jointly invest in a floating production, storage, and offloading system (FPSO) for use in the Sepia Area off the coast of Brazil.

Based on these agreements, Mitsui, MOL, Marubeni and MES will invest in Sepia MV30 B.V. (MV30), a Dutch company established by MODEC.

MV30 has entered into a long-term charter agreement for the deployment of the FPSO with Petróleo Brasileiro S.A. (Petrobras), the Brazilian state oil company. The FPSO will be chartered for 21 years under this charter agreement which was signed in October 2017.

The FPSO will be capable of processing 180,000 barrels of crude oil per day, 212 million standard cubic feet of gas per day, 240,000 barrels of water injection per day and has storage capacity of 1,400,000 barrels of crude oil.





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