Project Financing for Chartering Ultra-Deepwater FPSO Units
Supporting offshore resource related projects of Japanese corporations

  • Area: Latin America and the Caribbean
  • Marine and Aerospace
  • Energy and Natural Resources
  • [Project Finance]

Note: The same FPSO unit model discussed here

JBIC concluded a loan agreement with Netherlands-based Carioca MV27B.V (CMV27), which is invested by MODEC, Inc., Mitsui & Co., Ltd., Mitsui O.S.K. Lines, Ltd., and Marubeni Corporation. The loan is for a long-term FPSO*1 unit charter project for Netherlands-based Guara B.V., a company established by a consortium*2 that includes Brazil's state-owned oil company Petróleo Brasileiro S.A., which owns the rights to the Lapa (formerly Carioca) deepwater field*3 off the coast of Brazil. This project involves CMV27 providing Guara B.V. with charter services over 20 years for an ultra-deepwater FPSO unit to be constructed by MODEC, Inc. that will be used for the development of the Lapa (formerly Carioca) field. The charter services include the lease and other operations (operating and maintaining the unit). Continued provision of FPSO unit charter services, which are indispensable for the development of marine resources, by Japanese ocean energy businesses will lead to enhancement in the provision of technology and know-how related to operating FPSO units in deepwater fields.

  1. *1A floating production, storage and offloading (FPSO) unit is a floating vessel that conducts primary refining of crude oil (removing gas and water mixed in the crude oil straight from a well), then stores and offloads the oil.
  2. *2The consortium comprises Petrobras, the England-based BG Group, Spain-based Repsol Group, and China's Sinopec.
  3. *3 The Lapa (formerly Carioca) field is a massive oil field under the pre-salt layer of the Santo Basin located about 300 km south of the coast of Rio de Janeiro.
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