Petrobras Signs $1.4 Billion Contract for Topside Module Construction and Integration

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Researched by Industrial Info Resources Latin America (Cordoba, Argentina)--In September 2013, Brazilian state oil company Petróleo Brasileiro S.A. (NYSE:PBR) (Petrobras) (Rio de Janeiro, Brazil) signed a $1.4 billion contract with Consorcio Rig (Rio de Janeiro, Brasil) to perform topside module construction and integration of the planned floating, production, storage and offloading (FPSO) P-75 and P-77, to be installed in Santos Basin, Brazil.

Consortium Estaleiro Enseada do Paraguacu S.A. (Rio de Janeiro, Brazil) is performing the FPSO hull conversion and preparation services, which are expected to be completed in 2015. When the works are finished, Petrobras will send both hulls to Rio Grande shipyard in the state of Rio Grande do Sul, to begin module construction and integration.

Each platform is expected to produce 150,000 barrels per day of crude oil and 7 million cubic meters of natural gas per day. Petrobras expects to begin P-75 operations in the Franco SW field at the end of 2016 and start P-77 production in the NW Franco field at the end of 2017.

The new platforms are part of the Petrobras "Transfer of Rights Project," which consists of the construction of 4 FPSO called P-74, P-75, P-76 and P-77 to operate on Santos Basin. Transfer of Rights is an agreement between Petrobras and the Brazilian government to grant the subsalt offshore fields of Tupi Sul, Florim, Tupi NE, Peroba, East Guara, Franco and Iara from the Brazilian government in exchange for increased participation in Petrobras shareholder composition.

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View Project Report - 300109634, 300109836

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