Japanese Firms Join Forces in FPSO Business

Five Japanese companies, including MODEC, Mitsui, MOL, Marubeni and Mitsui E&S, have reached agreements to invest in a long-term FPSO charter business.

Based on these agreements, Mitsui, MOL, Marubeni and Mitsui E&S would invest in the Dutch company Libra MV31 B.V., established by MODEC, and the companies will proceed with the project jointly.

The deals were signed on May 11 for the purpose of providing a floating production, storage, and offloading system (FPSO) for use in the Mero field off the coast of Brazil.

MV31 has entered into a long-term charter agreement for the deployment of the FPSO with the Brazilian state oil company Petrobras, as the leader and operator of the Libra Consortium. The FPSO will be chartered for 22 years under this charter agreement which was signed in December 2017.

The FPSO will be named FPSO Guanabara MV31 and will be deployed 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. FPSO will be moored in 2,100 meters water depth, in the year of 2021.

The project is the fifth occasion under which the companies have collaborated to operate FPSOs in Brazil.