Petrobras (NYSE: PBR) and SBM Offshore (OTCMKTS: SBFFF) on Tuesday confirmed that they have begun negotiations for a charter contract for the sixth floating production storage and offloading (FPSO) vessel in the Buzios field, located in the Santos Basin offshore Brazil.
According to SBM Offshore, the FPSO Almirante Tamandare is expected to be capable of processing 225,000 barrels of oil and 12 million cubic meters per day. Noting that it regularly monitors the global FPSO market, Petrobras pointed out that only SBM at the moment can meet its technical, operational and availability needs.
Scheduled to begin operations in Buzios in the second half of 2024, the FPSO Almirante Tamandare will be the largest oil production unit off Brazil and will rank among the largest such vessels in the world, Petrobras stated.
Two other FPSOs, P-78 and P-79, will be deployed in Buzios, Petrobras continued. The firm projects a 2025 start-up for those production systems, which will be capable of processing 180,000 barrels of oil and 7.2 million cubic meters of gas per day.
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