Brazil's Schahin/Modec Consortium to Construct Offshore FPSO Vessel

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Researched by Industrial Info Resources (Cordoba, Argentina)--Brazilian state oil company Petróleo Brasileiro S.A. (NYSE:PBR) (Petrobras) (Rio de Janeiro, Brazil) signed a $1.2 billion contract with a consortium formed by Schahin Group (Sao Paulo, Brazil) and Modec Incorporated (Tokyo, Japan) to construct the floating production storage and offloading unit (FPSO) Cidade de Caraguatatuba. The consortium will be responsible for hull construction, module integration and vessel operation.

The FPSO will be operational in the third quarter of 2016 and will have a crude oil production capacity of 100,000 barrels per day, with 177 million standard cubic feet per day (MMSCFD) of natural gas and a crude oil storage capacity of 1.6 million barrels. The vessel will be in the Carioca offshore production field, on the BM-S-9 block in Santos Basin, and will be chartered and operated for the next 20 years by the Schahin/Modec consortium.

Modec is responsible of the hull construction and platform module integration; both activities are in their planning and scheduling phases. The hull construction will be performed in an Asian shipyard, while the module integration will be performed in a Brazilian shipyard. Schahin Group will be responsible for the well drillings and management.

This will be the 11th FPSO to be operated by Modec in Brazil, where this company has two more platforms under construction, both in Santos Basin: the FPSO Cidade de Mangaratiba and the FPSO Cidade de Itaguai. Both have first oil dates in the fourth quarter of 2014.

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