Low interest for Parque das Baleias FPSO

3/13/19

The high global demand of the FPSOs market seems already to affect Petrobras’ bids. Like the Marlim and Mero 2 processes, the oil company attracted just two companies – Yinson and Bluewater / Saipem – for the FPSO charter bid for Parque das Baleias. The receipt of bids occurred on March 1, and since then, the bidding committee has continued to evaluate the documentation for the technical qualification of the companies.

Both the Malaysian Yinson and the Dutch Bluewater are not active in Brazil and are considered almost novices by Petrobras. In the past, Bluewater tried to participate in Petrobras biddings, but it always ended up declining. Yinson already made its debut this year, disputing the competition for the charter of the units of Marlim, still in course.

Saipem, meanwhile, is an operator of the FPSO of Cidade de Vitória, which produces in the Golfinho field, in the Espírito Santo Basin, but has been absent from Petrobras bids for a long period.

Bluewater participates in the consortium as an operating company, with the responsibility of raising funding with Chinese groups, while the Italian company will be linked to engineering, having under its tutelage the entire EPC part of the unit.

The FPSO for Parque das Baleias – a cluster of fields located in the Campos Basin – will have the capacity to produce 100,000 bopd and compress 5 million m³ / d of gas. The charter contract will be 22 ½ years, with start-up scheduled for 2022.

For the first time, Modec and SBM opted not to participate in a Petrobras tender for chartering a large FPSO. Since the oil company began the strategy of chartering production units with capacity from 100,000 bopd, the two were in dispute for all ongoing processes, except for the period in which SBM was prevented from participating in the oil biddings by account of corruption scandals.

The low interest in the ongoing FPSO bids is attributable to the demand of the market, the growing number of business opportunities in various industry hubs, and the high cost of financing. Until recently, Petrobras received, on average, at least four proposals in each bidding process.

In the bidding of the two Marlim FPSOs, which have low local content – close to zero – Modec, Teekay and Yinson made a proposal. Already the Mero 2 process has offers from SBM and Modec.

Source: Brazil Energy Magazine

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