Yinson to Deliver FPSO for Petrobras' Parque das Baleias Integrated Project

Malaysian FPSO supplier Yinson has won a contract with Brazil's Petrobras for the delivery of an FPSO for the deployment at the Parque das Baleias Integrated Project, to be installed in the Jubarte Field, located in the north of Campos Basin, offshore Brazil.

Petrobras has signed contracts with Yinson's subsidiaries for the chartering and provision of services of the Maria Quitéria FPSO for the project. Parque das Baleias Integrated Project, to be installed in the Jubarte Field, located in the north of Campos Basin. The firm contracts follow the signing of letters of intent in November 2021.  The unit is expected to start production in the fourth quarter of 2024.

"The contracts follow the same parameters of the letters of intent signed in November 2021," Petrobras said

Back in November, Yinson said that the estimated aggregate value of the contracts was around $5.2 billion. The contract period is for 22.5 years from the date of the final acceptance, Yinson said at the time.

The Maria Quitéria FPSO will have the capacity to process 100 thousand barrels of oil and 5 million m3 of gas per day.  The project foresees the interconnection of 17 wells to the FPSO, nine of them oil producers and eight water injectors.

This will be Yinson’s second vessel to operate in Brazil waters, with the first being FPSO Anna Nery, which was awarded to Yinson by Petrobras in October 2019. FPSO Anna Nery is currently under construction in Cosco Changxing, China, and is on track to be operational in 2023 in the Marlim field, located in the Northeastern part of the Campos Basin.

The Parque das Baleias area is formed by the Jubarte, Baleia Anã, Cachalote, Caxaréu, Pirambú and Mangangá fields. The first field, Jubarte, was discovered in 2001. In 2019, Petrobras and the National Agency of Petroleum, Natural Gas and Biofuels (ANP) entered into an agreement to extend the concession term until 2056 for the new unified Jubarte field, which makes it possible to implement the new production system of the Parque das Baleias Integrated Project, in addition to complementary projects in the area.

Commenting on the contract Yinson Group Chief Executive Officer Lim Chern Yuan said:"Brazil is a vital market to us and Yinson is thrilled that Petrobras, one of the most recognisable leaders in the energy sector, has entrusted us one more with the delivery of FPSO Maria Quitéria. We would like to thank Petrobras for placing their confidence in us and we look forward to continue building Brazil’s energy industry together,” said  of the project award. 

Yinson Chief Executive Officer Offshore Production, Flemming Grønnegaard commented, “The experience that Yinson has gained so far through the FPSO Anna Nery project, which was awarded by Petrobras in 2019, has proven invaluable and we are confident that this shall serve as the backbone for the successful delivery of FPSO Maria Quitéria.”