Japanese firms to invest in Brazil FPSO

RIO DE JANEIRO, May 14, 2018 – A Modec-led consortium of Japanese companies have entered into an investment agreement for an FPSO joint venture in Brazil, international media reported over the weekend.

The companies will together fund Libra MV31, which will operate the Guanabara MV31 FPSO for a period of 22 years, starting in 2021.

Guanabara MV31, to be situated in Petrobras’ Mero field in the Libra block, will have a processing capacity of 180,000 barrels of oil and 12,000 cubic metres (424,000 cubic feet) of gas per day. Additionally, the vessel will be able to store up to 1.4 million barrels of oil.

Modec will hold a 20.1% stake in the venture. The consortium also includes Mitsui & Co (32.4%), Mitsui OSK Lines (20.6%), Marubeni Corporation (17.6%) and Mitsui E&S Holdings (9.3%).

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