Japanese group comes together again for Brazil FPSO project

Tokyo: MODEC, Mitsui & Co, Mitsui OSK Lines (MOL) and Marubeni Corporation have agreed that Mitsui, MOL and Marubeni will invest in a long-term charter business currently promoted by MODEC for the purpose of providing a floating production, storage, and offloading system (FPSO) for use in the Tartaruga Verde and Tartaruga Mestiça oil fields off the coast of Brazil.

Mitsui, MOL and Marubeni will invest in Tartaruga MV29, a Dutch company established by MODEC. MV29 has entered into a long-term charter agreement for the deployment of the FPSO with Petrobras. The FPSO will be chartered for 20 years under this charter agreement which was signed on February 27 this year.

The FPSO will be named FPSO Cidade de Campos dos Goytacazes MV29 and will be deployed at the Tartaruga Verde and Tartaruga Mestiça fields located in the C-M-401 concession block. The fields are located approximately 125 km from Macaé, in the state of Rio de Janeiro off the southeast coast of Brazil. The FPSO will be moored in 765 m water depth in the fourth quarter of 2017.

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

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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