Weekly Market Update - WSB One - Week 9

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petrojarl I producing once again

Brazilian independent oil company Enauta has announced that FPSO Petrojarl I has started producing once again after a preventive maintenance on its water-cooling system. The company declared that the production unit has been producing in 98% uptime over the last three months after recertification process has been concluded. Petrojarl I has a production capacity of 30,000 barrels of oil per day and a storage capacity of 180,000 barrels. She is located at Atlanta field in santos Basin and fully owned by Enauta.

more awards from petrobras

sbm moving ahead with FPSOs

Dutch SBM Offshore announced the construction of the 3 FPSOs to be chartered by Petrobras is proceeding. The production units, all being built in China, have been impacted by the frequent restrictions placed in the country to contain expected periodical surges of COVID-19 cases. SBM will deliver two units for Mero field, namely FPSO Sepetiba (Mero 2) and FPSO Alexandre de Gusmão (Mero 4), which are allegedly 75% and 25-50% complete, respectively and one unit to Búzios field, namely FPSO Almirante Tamandaré (Búzios 7), with 50-75% of construction complete. According to Petrobras´ latest strategic plan, the Mero 2 and Mero 4 units are expected to kick-off production in 2023 and 2025 whilst the Búzios 7 by 2024.

Tuesday this week, Petrobras released a third partial result notification to their public PSV tender, originally intended to hire up to 20 vessels. In the new notice, Petrobras qualified one more vessel, reaching a total of 14 vessels awarded out of the 34 originally presented in the opportunity. Petrobras have also officially disqualified a total of 12 vessels, 3 for not meeting set delivery windows and 9 for excessive pricing (over Petrobras designated budget for the tender). With yet another partial disclosure, 8 vessels remain unassessed by Petrobras which leaves the question: with 3 other SEP tendering processes also closed and pending awards for up 18 more vessels and a very limited number of candidates left, can Petrobras afford themselves to fix even more vessels for their public tender? The 3 other closed opportunities are intended to charter similar PSVs for campaigns at Búzios, Roncador, Mero and Tupi fields, all operated by Petrobras under JVs with several different Oil Companies.

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FPSO Petrojarl I Cormoran. The only PSV 3000 awarded by Petrobras so far.
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