Lisa Mc Intyre’s Post

⚓📄 Asian contractors are eagerly preparing for Petrobras’ upcoming tender for the P-86 FPSO, set to enhance operations at Brazil’s Marlim Sul and Marlim Leste fields. Having pre-qualified 18 global contractors, Petrobras is set to launch the bid in late September 2024. The P-86 FPSO will operate under an EPC (engineering, procurement, and construction) model, a departure from previous lease-and-operate deals. Major players like China’s COOEC, Singapore’s Seatrium, and South Korea’s Hanwha Ocean are among the six Asian contractors expected to bid, with potential partnerships emerging to strengthen their positions. 🏗️🚢 Petrobras’ move comes after awarding Seatrium an $8.15 billion EPC contract for the P-84 and P-85 FPSOs earlier this year. However, COOEC’s withdrawal from the P-84 tender due to local content issues has forced Petrobras to renegotiate terms with Seatrium. This shift highlights Petrobras’ strategic pivot from lease-and-operate to EPC contracts, with companies like Malaysia’s Yinson Production and European firms SBM Offshore and Saipem preferring to sit out the upcoming EPC bid due to their focus on lease-based contracts. 🌊💰 The Marlim Sul-Marlim Leste FPSO is expected to surpass previous projects in processing capacity, featuring modules capable of handling 140,000 barrels of oil and 6 million cubic meters of gas per day. First oil from the P-86 is anticipated by 2029, marking a significant step in Petrobras’ revitalization efforts in the Campos Basin. With a processing capacity larger than previous FPSOs, the P-86 FPSO tender reflects Petrobras’ strategic shift and commitment to enhancing Brazil’s energy production.

Exclusive: China’s Offshore Oil Engineering Company (COOEC) is intensifying efforts to address Petrobras’ stringent local content requirements, aiming to secure the coveted P-86 floating production, storage and offloading (#FPSO) vessel contract.

China is really aggressive at taking other people meal bowls! Singapore Shipyards need to compete with China shipyards. Exclusive: China’s Offshore Oil Engineering Company (COOEC) is intensifying efforts to address Petrobras’ stringent local content requirements, aiming to secure the coveted P-86 floating production, storage and offloading (#FPSO) vessel contract.

A solution looking for a problem

⛴️📝 SBM Offshore's CEO, Øivind Tangen, reveals that the company's latest FPSO award for the Jaguar vessel is its first based on a sale-and-operate model, diverging from previous lease-based orders for ExxonMobil Guyana. Tangen highlights the accelerated cash flow from this sale-and-operate model, which will enhance the project's backlog and operational efficiency. The company plans to transfer ownership to the client post-construction, operating the FPSO under a 10-year Operations and Maintenance Enabling Agreement. 💵💪 The sale-and-operate approach aims to streamline cash flow and enhance SBM Offshore's competitive positioning in securing hulls for cost-efficient and eco-friendly FPSOs amid a challenging supply chain landscape. With construction underway, Jaguar marks SBM Offshore's sixth FPSO deployment in Guyana, looking to bolster the country's total oil production to over 1.3MMBL per day.

In case you missed our Q1 Results, Upstream has published a thorough overview that highlights the key points and insights from the presentation. If you are interested in learning more, you can watch the full webcast here: https://lnkd.in/grCYZ7t2. 

#Saipem has been awarded three new contracts by #TotalEnergies EP Angola Block 20, a subsidiary of TotalEnergies, for the #Kaminho project relating to the development of Cameia and Golfinho oil fields, located approximately 100 km off the coast of Angola. The first contract refers to the Engineering, Procurement, Construction, Transportation and Commissioning of the Kaminho FPSO vessel. The second contract entails the O&M of the same vessel FPSO for a firm period of 12 years with a potential 8-year extension, leveraging on the expertise acquired from three other FPSOs currently operating in Angola. The third contract involves the Engineering, Procurement, Supply, Construction, Installation, Pre-Commissioning and Assistance for the commissioning and start-up of a SURF package which includes approximately 30 km of 8” and 10" subsea flowlines and risers, and umbilicals. Source: Saipem Petropipe Oil and Gas #petropipefze #supplier #pipes #fittings #flanges #valves #epc #engineering #procurement #construction #oilandgas #FPSO #oilandgasnews #Subsea #Africa #Angola

🚢💼 BW Offshore's CEO Marco Beenen revealed during a results conference call that BWO is eyeing four major contracts, though the complexity of the FPSO market, cost inflation, and financing capabilities make finalizing these deals uncertain. 🇹🇷🛠️ The first is the Sakarya project in Turkey for Turkish Petroleum, involving an engineering procurement and construction management (EPCM) Contract for the Opportunity FPSO upgrade, which BWO previously sold to Turkish Petroleum, which Beenen hopes to be finalized within 2024. 🇲🇽🌊 The second project is Repsol’s Polok and Chinwol discoveries in Block 29 offshore Mexico, where BWO is working on a front-end engineering and design (FEED) contract, but it's too early to predict when this might turn into a full contract. Repsol has an exclusivity agreement with BWO for the OSX-1 FPSO facility. ⏳🔧 Lastly, BWO is pursuing two gas-related FPSO projects but has not disclosed details, but emphasises the strategic focus on leveraging its position with the Barossa gas FPSO, one of the largest in the world.

Guyana has emerged as a hotspot for operator-owned Floating Production Storage and Offloading (FPSO) vessels due to challenges in lead times at global fabrication yards. FPSOs are essential for offshore oil and gas production, and the demand for these vessels has been increasing in recent years. One of the main reasons for Guyana’s attractiveness as a location for operator-owned FPSOs is its strategic location in the South American region, close to major oil and gas reserves. This proximity allows for cost-effective operations and easy access to key markets. Additionally, the availability of skilled labor and a supportive regulatory environment in Guyana have also contributed to the country’s appeal for FPSO projects. Operator-owned FPSOs give companies more control over the design, construction, and operation of the vessels, allowing them to tailor the FPSOs to their specific needs and requirements. With lead times at global fabrication yards increasing due to factors such as supply chain disruptions and capacity constraints, operator-owned FPSOs in Guyana offer a more flexible and efficient alternative for companies looking to accelerate their offshore production activities. Overall, Guyana’s emergence as a hotspot for operator-owned FPSOs highlights the country’s potential as a key player in the global oil and gas industry and underscores the importance of innovative solutions to address challenges in offshore production.

BW Offshore busts the budget on Australia-bound FPSO Up to $150 million more will be required to complete newbuild floater for Santos' https://lnkd.in/etmMTjhY