MODEC-led Japanese group invests in another Brazil FPSO project

The MODEC-led group, which will also include Mitsui & Co, Mitsui OSK Lines (MOL), Marubeni Corporation and Mitsui E&S Holdings, will jointly invest in Dutch special purpose vehicle Libra MV31, which has been set up by MODEC and awarded a 22-year FPSO charter contract by Petrobras in December 2017. No financial details were disclosed.

The FPSO Guanabara MV31 will be deployed at the Mero field located in the Libra block, approximately 180km from Rio de Janeiro, on the southeast coast of Brazil and is scheduled to start operations in 2021.

Read More: Japanese firms join MODEC-led group in Pertrobas Sepia FPSO project

The FPSO is set to be spread moored in 2,100m of water and be able to process 180,000 barrels of oil per day and 424m cubic feet of gas per day. It will also have oil storage capacity of 1.4m barrels.

MODEC and its consortium partners have commonly co-invested in large offshore projects previously. This will be the fifth project under which the companies have collaborated to operate FPSOs in Brazil.

Respective investment shares are 20.1% for MODEC, 32.4% for Mitsui & Co, 20.6% for MOL, 17.6% for Marubeni and 9.3% for Mitsui E&S Holdings.