QGEP concludes agreement with Teekay Offshore for delivery of the Atlanta Field FPSO

QGEP Participações SA announced today that it has signed a contractual amendment with Teekay Offshore Partners regarding the chartering of the Floating Production Storage and Offloading FPSO “ Petrojarl I “  for the development of the Atlanta Field .

The additive considers the technical issues involved in adapting the FPSO, as well as the consequent delays in delivering the unit to the Atlanta Field. Under the terms of the agreement, QGEP will pay a lower daily fee for the FPSO during the first 18 months of production, which should reduce Atlanta’s overall operating costs to $ 410,000 per day, approximately 15% lower than the original cost. After the first 18 months of production, the original daily rate will come into force, plus a variable rate, which is largely tied to the oil price variation for the remaining term of the contract.

Commenting on this breakthrough, Lincoln Guardado, CEO of QGEP said: “We are delighted that we have reached a mutually beneficial agreement that will ensure the start of oil production at the Atlanta Field in the first quarter of 2018. Reducing daily rates In the first 18 months of production will reduce Atlanta’s operating costs by approximately $ 4 per barrel, and the provisions of this contract will make it possible to optimize results from the Atlanta Field at periods of lower oil prices.

Located in Block BS-4, in the Santos Basin, Atlanta is a post-salt oil field 185 kilometers from the city of Rio de Janeiro, in a water depth of approximately 1,500 meters. Queiroz Galvão Exploration and Production S.A. is a block operator with a 30% stake and the other members of the Consortium include OGX Petróleo e Gás S.A. (40%) and Barra Energia do Brasil Petróleo e Gás Ltda. (30%).

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