Petrobras to Charter Tupi Nordeste FPSO from SBM

Petrobras signed a Letter of Intent with SBM Offshore N.V. and Queiroz Galvao Oleo e Gas S.A. for the construction of an FPSO that will operate the second pilot project in Tupi. The FPSO will be installed in Tupi Nordeste area and will have a production capacity of 120,000 bopd of light crude oil and up to 5 MMcf/d of natural gas. The vessel will be operated by the companies responsible for its construction and chartered by the consortium for a 20-year period. Discovered in July 2006, Tupi is located in block BM-S-11 in the Santos Basin, 155 miles (250 kilometers) from the southern coast of Rio de Janeiro. Petrobras serves as the operator, holding a 65% interest in the field. British BG Group holds 25%, and Portugal’s Galp Energia holds the remaining 10%.

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