Mitsui, MOL, and Marubeni will invest in Carioca MV27 BV, a Dutch FPSO owning company established by MODEC, which will proceed with the project jointly. MV27 has signed a 20-year chartering agreement with Petrobras and its partners. The vessel will be deployed in 3Q2016.
Brazilian operator Queiroz Galvao Exploration & Production (QGEP) will invite bids for Atlanta heavy oil FPSO in mid Dec. Modec, SBM, Teekay, BW Offshore and possibly Bumi Armada will be invited. Two bids need to be submitted by Feb/Mar 2014 with oil production capacity of 25,000-30,000 bbl/d and 80,000-100,000 bbl/d, respectively.
PetroVietnam has taken over as operator of the Song Doc oilfield in Block 46-02 after its two JV partners Talisman and Petronas withdrew. Agreement has been signed to continue leasing the field’s FPSO, which is operated by Modec.
FPSO Raroa returned Maari field after docking at New Zealand. Total cost $70m for changing swivel and other repairs will be covered through insurance. The FPSO was bought by OMV-Horizon Oil JV last year and operated by Modec.
Petrobras has signed a letter of intent with Modec for a 20-year lease of a large FPSO, providing lift-off for the Carioca pre-salt development. Day rate is said to be more than $700,000.
Three Japanese companies have agreed to take major stakes in a FPSO to be provided by Modec for Tullow Oil’s Tweneboa, Enyenra and Ntomme project off Ghana. Modec will own a 25% interest in the vessel. Its two sister companies — Mitsui & Co and Mitsui OSK will hold 30% and 20%, respectively. Marubeni will hold 25%. About $850m loan has been secured for the $1.23 bn conversion job.
Eni is planning for a converted FPSO for its multi-billion dollar Sankofa-Gye Nyame gas and liquids project off Ghana. Final investment decision is expected next year with scheduled first oil in mid-2016 and first gas in 2H2017. Modec has won the only two FPSO contracts to date in Ghana and will be a strong contender.
JGC and Samsung Heavy Industries are in pole position to snatch a multi-billion dollar turnkey contract for Petronas’ FLNG-2 unit with capacity of 1.5mtpa. The Toyo-CB&I- Modec-IHI team is understood no longer in the running for the PFLNG-2 contract.
Modec will supply and operate a FPSO for Tullow in deepwater offshore Ghana, the second Modec vessel in Ghana. The FPSO has 80,000 bpd production capacity and 1,700,000 bbl storage.
Petrobras has received just one bid in its tender for FPSO to be installed on the Carioca accumulation in Brazil’s Santos basin pre-salt province. Modec and Brazilian engineering company Schahin is the only consortium who submitted a proposal. Recent FPSO contracting dayrates in Brazil, which have been in the $600,000s, but the duo’s number had come in at $980,000.