Brazil’s state-run oil firm Petróleo Brasileiro (Petrobras) has agreed to purchase the P-71 Floating Production Storage and Offloading (FPSO) vessel for $353m, and use it for the development of the Itapu field.

The FPSO was to be used at Tupi field, formerly known as Lula, which is located in BM-S-11 block. The field is situated in the Santos Basin, 250km off the coast of Rio de Janeiro, Brazil.

BM-S-11 Consortium is operated by Petrobras with 65% stake while other partners include Shell Brasil Petróleo (25%) and Petrogal Brasil (10%).

In a press statement, Petrobras said: “After the auction of the transfer of rights surplus occurred in November 2019, the production rights of the Itapu field are now fully owned by Petrobras and the allocation of the FPSO P-71 in the field will allow the anticipation of its first oil in about one year.”

P-71 platform is in final construction phase

The 150,000 barrels/d P-71 platform, which is in the final construction phase at the Jurong Shipyard in the state of Espírito Santo, will be allocated in Itapu field.

The consortium plans make a revised development plan for the Tupi field and submit it to Brazil’s oil and gas regulator ANP in 2021.

The firm said in a statement: “This initiative seeks to implement complementary production development projects resilient to low oil prices, allowing to further increase the recovery factor of the field, which is currently the world’s largest producer in deep waters and whose accumulated production has already exceeded 2 billion boe.”

The acquisition of P-71 platform forms part of the company’s strategy to focus on its activities on world-class assets in deep and ultra-deep waters.

In September, Petrobras said it plans to spend $6bn to decommission 18 offshore platforms, subsea gas pipelines, and offshore wells.