Petrobras extends Modec FPSO charter for five more years

Brazilian state-owned oil and gas major Petrobras has extended the charter of the Modec-owned FPSO Cidade de Angra dos Reis working off Brazil.

The FPSO, located on the Tupi field, has been in operation since October 2010. The extension will see the unit stay for an additional five years, until 2030. It was the first high-capacity FPSO to operate in the pre-salt layer of the Santos basin.

The unit was built through a conversion of the VLCC Sunrise IV. It can process up to 100,000 barrels of oil per day and 5m cu m of gas.

In addition to extending the contractual term, the amendments aim to enable upgrades to the FPSO, which currently has a production potential exceeding 50,000 barrels per day.

The planned improvements are intended to enhance production reliability and efficiency, maintain platform integrity, operational safety, and reduce GHG emissions. The consortium plans to decommission the unit in 2030.

The Tupi field is operated by Petrobras while its partners are Shell, Petrogal, and PPSA. It is one of the world’s largest fields and would occupy 20th place in the world oil production ranking, ahead of Colombia, Venezuela, the United Kingdom, and Argentina if it were a country. In total, there are seven units producing on the field.