Japan Firms Plan to Invest in Brazil FPSO

TOKYO - Four Japanese companies announced a plan Friday to invest in a floating vessel which is used by the offshore oil and gas industry to be deployed in an oil field near Brazil.

Mitsui & Co., Mitsui OSK Lines Ltd., Marubeni Corp. and MODEC Inc. will invest in a 20-year charter project of a floating production, storage and offloading system operated by MODEC for use in the Iracema Norte block of a pre-salt oil field off the coast of Brazil owned by Petroleo Brasileiro SA, the companies said in a statement.

Mitsui, Mitsui OSK Lines and Marubeni will own 32.4%, 20.6% and 17.6% of the project respectively, while MODEC will own the remaining 29.4%, the statement said.

The FPSO for the Iracema Norte block will start operations in the fourth quarter of 2015, and has the capacity to produce 150,000 barrels a day of crude oil and 280 million cubic feet of natural gas, it said.

This will be the second FPSO project the four Japanese companies are jointly investing in. The one serving the nearby Iracema Sul block was the first.

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