Five Japanese firms invest in Petrobras-chartered FPSO

Five Japanese firms have teamed up to build an FPSO to be chartered to the Brazilian oil company Petrobras.

Mitsui, MOL, Marubeni, and Mitsui E&S will invest in a long-term charter business currently promoted by the Japanese FPSO specialist MODEC, related to the provision of an FPSO for Petrobras’ Mero field offshore Brazil.

Based on the agreements signed by the five companies, Mitsui, MOL, Marubeni and Mitsui E&S will invest in Libra MV31 B.V. (“MV31”), a Dutch company established by MODEC, and the companies will proceed with the project jointly.

MV31 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, as the leader and operator of the Libra Consortium.

Related: Modec bags Mero FPSO award

The FPSO will be chartered for 22 years under this charter agreement which was signed in December 2017.

The shareholders in the FPSO project will be MODEC, 20.1%, Mitsui, 32,4%, MOL 20,6%, Marubeni 17.6%, and Mitsui E&S with 9.3%.

The FPSO will be named FPSO Guanabara MV31 and will be deployed in 2021 at the Mero field located in the Libra block. The field is located approximately 180 kilometers from Rio de Janeiro, in the southeast coast of Brazil.

This is the 14th FPSO/FSO vessel which MODEC will provide in Brazil, as well as MODEC’s 7th FPSO in the “pre-salt”