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MISC : MARKS ITS MAIDEN FORAY INTO MAJOR DEEP-WATER; PROJECT IN LATIN AMERICA WITH MERO 3 FPSO

08/17/2020 | 11:59am

Kuala Lumpur - MISC Berhad (MISC) is pleased to announce its acceptance of Letter of Intent (LOI) from Petroleo Brasileiro S.A. (Petrobras) for the provision of a floating production storage and offloading facility (Mero 3 FPSO) located offshore Rio de Janeiro in the Libra block, Santos Basin, Brazil and operation and maintenance services during the charter phase of Mero 3 FPSO.

Pursuant to the LOI, the term of the charter is 22.5 years from the date of final acceptance of the Mero 3 FPSO by Petrobras. The Mero 3 FPSO is expected to commence operation in the first half of 2024.

MISC's President & Group Chief Executive Officer, Mr. Yee Yang Chien said, 'We would like to thank

Petrobras for their confidence and trust in MISC for this major deep-water project in one of the main hotspots for FPSO in the world. It has been a two year journey in our march towards securing our first deep-water FPSO project in Brazil. This project is close to the hearts of many, especially the various teams across the Offshore Business division who deserve a thumbs up for all their dedication and commitment in making this day a reality for the Group.

Marked by this achievement, we are ushering in a new era for MISC by undertaking a complex project with a huge investment that will ultimately lay the foundation for future international projects. We are determined to deliver the best to our client for the Mero 3 FPSO project and as a Group, we look forward to contributing to the advancement of the energy sector in Latin America,' added Mr. Yee.

The Mero field is owned by the Libra Consortium. The Libra Consortium is led by Petrobras with a 40% interest in partnership with Shell Brasil Petroleo Ltda. (20%), Total E&P do Brasil Ltda. (20%), CNODC Brasil Petroleo e Gas Ltda. (10%), CNOOC Petroleum Brasil Ltda. (10%) and Empresa Brasileira de Administracao de Petroleo e Gas Natural S.A. - Pre-Sal Petroleo S.A. (PPSA) (0%, as manager of the production sharing agreement).

Petrobras, headquartered in Rio de Janeiro, Brazil is an international energy company operating on an integrated basis and specialising in the oil, natural gas and energy industry.

(C) 2020 Electronic News Publishing, source ENP Newswire

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