Charter terms agreed on for Area 1 floater offshore Mexico
MODEC and Mitsui O.S.K. Lines have chartered an FPSO for Eni’s Area 1 oilfield development offshore Mexico.
The two companies invested in Area1 Mexico MV34 B.V., a Dutch company established by MODEC, which will engage in FPSO leasing, operations, and maintenance services.
The FPSO will operate 10 km (6.2 mi) offshore Mexico in 32 m (105 ft) water depth.
MODEC is responsible for engineering, procurement, construction, mobilization, installation and operation of the vessel, including the topsides processing equipment and the hull and marine systems.
SOFEC will design and supply the disconnectable tower yoke mooring system.
The FPSO will be capable of processing 90,000 b/d of crude and 75 MMcf/d of gas, with capacity to store 900,000 bbl of crude and to inject 120,000 b/d of water.
First oil is due in 2021. MODEC will own the vessel and provide operations and maintenance services for an initial 15-year period with the option of one-year extensions for a further five years.
Eni operates Area 1 in partnership withQatar Petroleum.