MODEC, Mitsui & Co, Mitsui O.S.K. Lines, Marubeni and Mitsui E&S Holdings, agreed that Mitsui, MOL, Marubeni and Mitsui E&S will invest in a long-term charter business to provide a floating production, storage, and offloading system (FPSO) for use in the Mero field off the coast of Brazil.
According to the agreements Mitsui, MOL, Marubeni and Mitsui E&S will invest in Libra MV31 B.V. (“MV31”), a Dutch company established by MODEC, and the companies will proceed with the Project jointly.
MV31 has entered into a long-term charter agreement for the deployment of the FPSO with Petrobras, the Brazilian state oil company, as the leader and operator of the Libra Consortium. The FPSO will be chartered for 22 years.
The FPSO will be named “FPSO Guanabara MV31” and will be deployed at the Mero field located in the Libra block. The field is located about 180 kilometers from Rio de Janeiro, in the southeast coast of Brazil. FPSO will be moored in 2,100 meters water depth, in the year of 2021.
The Project is the fifth occasion under which the companies have cooperated to operate FPSOs in Brazil.