Brazil Lula Oil Field FPSO Project
- Area: Latin America and the Caribbean
- Manufacturing and Services
- Energy and Natural Resources
- [Project Finance]
||With regard to the development of the giant oil field in the pre-salt layer off the coast of Santos, Lula oil field (former Tupi oil field), this project operates an FPSO unit (with capacity to produce up to 100,000 barrels of crude oil and 150 million cubic feet of gas per day, and store 1,600,000 barrels of crude oil) necessary for the first stage processing of gas and crude oil and for the storage and offloading of crude oil, and provides charter services to Petrobras for a 15-year period.
||TUPI PILOT MV22 B.V. incorporated in the Netherlands
||Lula oil field, Rio de Janeiro, Federative Republic of Brazil
||March 30, 2010
||MODEC, Inc. (MODEC), Mitsui & Co., Ltd., Mitsubishi Corporation, and Mitsui O.S.L. Lines
|Related Japanese Companies
||Sponsors and Cofinancing Banks
|Japanese Financial Institutions
||The Bank of Tokyo-Mitsubishi UFJ, Ltd., Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, Ltd., Mizuho Corporate Bank, Ltd., Aozora Bank, Ltd., Mitsubishi UFJ Trust and Banking Corporation
|Total Cofinancing Amount
||800 million US dollars
|JBIC Loan Amount
||480 million US dollars
- MODEC is the only FPSO operator in Japan.
- In response to the depletion of onshore oil and natural gas fields, oil companies in a number of countries are actively developing offshore gas and oil fields.
- This is MODEC's first FPSO project for a pre-salt oil field. Coupled with moves to develop deeper and more offshore resources, this project will lead to the strengthening of the international competitiveness of Japanese firms by helping them acquire and improve technologies and management knowhow regarding the operation of FPSO systems, thereby indirectly contributing to securing access to resources and their stable supply to Japan in the future.