MODEC celebrates 10 years of FPSO Cidade de Mangaratiba MV24

This October, MODEC celebrates 10 years since FPSO Cidade de Mangaratiba MV24 went into operation. The FPSO is anchored in the Lula Field, in the Iracema Sul area, with a water depth of 2,200 meters and is capable of processing 150 thousand barrels of oil per day and 8 million cubic feet of natural gas per day, in addition to having a storage capacity of approximately 1,600,000 barrels of crude oil. Since its start of operation in October 2014, FPSO Cidade de Mangaratiba MV24 has produced 366 million barrels of oil and 20 billion m³ of natural gas for Petrobras. 661 offloadings were carried out until September 2024 and 89.9 million m³ of water injected.

The vessel, which operates under a 20-year charter contract for Petrobras and was one of the pioneers of the Santos Basin pre-salt, has a history of many achievements: it was once the unit with the largest production in Brazil – a position that is now occupied by another MODEC vessel, the FPSO Guanabara MV31. The Cidade de Mangaratiba MV24 was the 9th FPSO/FSO vessel that MODEC delivered to the Brazilian offshore, as well as MODEC’s third FPSO to produce in the pre-salt.

The FPSO is now halfway through its production period. “The first ten years of operation of the FPSO Cidade de Mangaratiba MV24 demonstrate how dedication and commitment bring good results. For the next decade, with all the experience acquired so far, we are completely confident that we will be able to go further and deliver even better results in this second half of the contract”, says Daniel Lobo, Operations Manager of the unit.

The strategy of issuing project bonds for the refinancing of FPSO Cidade de Mangaratiba MV24 was considered pioneering and received the “Marine Money Offshore Deal of the Year 2019” award from the global financial services company specializing in the maritime and offshore sector. The financial structuring also received the “LatinFinance Project & Infrastructure Finance Bond of the Year 2020” recognition from the magazine, which is one of the most renowned communication vehicles for the financial market and economy of Latin America and the Caribbean.

About MODEC – MODEC is a global leader in the construction, chartering and operation of oil and gas production platforms and has over 55 years of history. With over two decades in Brazilian seas, MODEC operates 13 oil and gas platforms. It has over 3,200 employees working in Brazil.