Indian Company appeals Petrobras decision on the Barracuda and Caratinga FPSO contract

(PN) In a last-ditch effort to take home a billion-dollar contract and enter the Brazilian market, Indian company Shapoorji Pallonji Energy filed an appeal with Petrobras to try to reverse the cancellation of the bidding process for the new Barracuda and Caratinga FPSO.

The bidding process for the platform was launched in August 2023. Only Shapoorji submitted proposals in the competition, offering a daily rate of US$ 1.6 million to charter the unit. However, the amount was above the limit that Petrobras was willing to pay, and so the oil company canceled the bidding process in February of this year.

When appealing, Shapoorji agreed to reduce its proposal to the amount requested by Petrobras during the negotiation phase. Still, there is talk in the market that Petrobras will continue with the idea of ​​ending the bidding process and starting a new contracting process.

The Barracuda and Caratinga platform will have the capacity to produce up to 100,000 barrels of oil per day (bpd) and process up to 6 million m3 of gas daily. The project is part of Petrobras’ plans to revitalize the Campos Basin.