May 14, 2018

MODEC, Mitsui, MOL, Marubeni and Mitsui E&S have agreed that Mitsui, MOL, Marubeni and Mitsui E&S 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 Mero field off the coast of Brazil. The five companies have entered into related agreements.
The Mero field is located in the northwest part of the Libra block, 180 kilometers off the coast of Rio de Janeiro, in the pre-salt Santos Basin.
Based on these 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 under this charter agreement which was signed on 14 December 2017.
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 approximately 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 FPSO will have a processing capacity of 180,000 barrels of oil and 424 million cubic feet of gas per day and will have an oil storage capacity of 1,400,000 barrels. (Source: Mitsui)