Mero II FPSO tender has further postponement

11/12/18

The Libra consortium again postponed the tender submission deadline for chartering the second Mero definitive FPSO, postponing the deadline to February 14. The strategy to change the date was set last week and surprised the market, which this time hoped the opening of the envelopes would be held for December 14, with no further changes.

Unlike the previous postponements, the strategy was defined based on internal problems of Petrobras and not at the request of the participating companies. According to sources, Petrobras seeks to resolve the impasse of the FPSO Búzios V charter, before receiving the Mero 2 proposals.

Exmar presented in June the best bid price for the Búzios V FPSO charter, with a daily rate of US $ 635,000, but has not since been able to close the project financing operation. Recently, the oil company detected a problem of compliance with the Belgian group and asked Modec, second in the process, to revalidate its proposal, worth US $ 815 thousand / day.

The Mero 2 FPSO will have the capacity to produce 180,000 barrels / day of oil and compress 12 million m3 / day of gas. The term of the charter contract will be 22 years and five months and the unit will have to be ready for operation in 2022.

Given the size of the unit, Modec and SBM are seen as favorites in the bidding for the Mero 2 FPSO. The problem is that Modec is already building two 180,000 barrels / day oil FPSOs for Petrobras, one for Mero and another for Sepia , both with scheduled start-up for 2021.

With this further postponement, the signing of the charter agreement for the second Mero definitive FPSO will only occur between the second quarter and the third quarter of 2019. Prior to the Mero 2 tender, Petrobras will open bid proposals for chartering new FPSOs for Parque das Baleias Park and the Marlim revitalization project, both in the Campos Basin.

Marlim

The first process in the queue will be Marlim, which will charter two FPSOs and has a proposal delivery scheduled for January 25. Originally, prior the announcement it was foreseen that the start of operation of the two units would be in 2021, but the schedule was revised in the recently launched Petrobras Business Plan 2019-2023, being postponed to 2022 and 2023.

Called Marlim I, the first unit will have capacity to produce 80,000 barrels / day and compress 7 million cubic meters / d of gas, while the Marlim II FPSO will produce 70,000 barrels / day and 4 million cubic meters / day of gas. The two units will be chartered for 25 years.

The conversion will not require national content, since these are areas of the Zero Round. The new units will replace the seven platforms that operate today in the field, with idle capacity, producing more water than oil.

Soon after Marlim, Petrobras will open the bidding proposals for the FPSO charter of the Parque das Conchas, scheduled for January 30. Scheduled to start up in 2022, the unit will have the capacity to produce 100,000 barrels / day of oil and compress 5 million m3 / day of gas. The charter contract will be for 22 ½ years.

Source: Brazil Energy

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