Japanese companies Mitsui & Co., Ltd., MOL, Marubeni Corporation and Mitsui Engineering & Shipbuilding Co., Ltd. (MES) have agreed to invest in a long-term charter business currently promoted by their compatriot MODEC, to provide a floating production, storage, and offloading system (FPSO) for use in the Sepia Area off Brazil.
The above five companies have entered into related agreements on 9 January.
Under the deals, Mitsui, MOL, Marubeni and MES will invest in Sepia MV30 B.V. (MV30), a Dutch company established by MODEC, and they will proceed with the project jointly.
MV30 has entered into a long-term charter agreement for the deployment of the FPSO with Petróleo Brasileiro S.A. (Petrobras), the Brazilian state oil company. The FPSO will be chartered for 21 years under this charter agreement which was signed on 13 October 2017.
The FPSO has an oil processing capacity of 180,000 barrels per day and a gas processing capacity of 212 million cubic feet per day.
MODEC, Inc. will hold 20.1% of the project, while Mitsui 32.4%, MOL 20.6%, Marubeni 17.6%, and MES 9.3%.