Investment in FPSO Charter Projects for Petrobras in Brazil · 3 Power Balanced portfolio of 9.3GW...
Transcript of Investment in FPSO Charter Projects for Petrobras in Brazil · 3 Power Balanced portfolio of 9.3GW...
Investment in FPSO Charter Projects for Petrobras in Brazil
May 14th, 2018Mitsui & Co., Ltd.
Copyright MITSUI & CO., LTD. ALL RIGHTS RESERVED.
1. Core Business of the Infrastructure Project Business Unit
2. Activities in offshore Oil & Gas infrastructure sector
3. Project Outline
4. What is FPSO?
5. Business Environment
6. MODEC - Strategic Partner for FPSO/FSO Business -
7. Mitsui FPSO/FSO Projects
Agenda
2
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1. Core Business of the Infrastructure Project Business Unit
3
PowerBalanced portfolio of
9.3GW of power generationcapacity in 20 countries
Offshore Oil & GasInfrastructure
MODEC collaboration5 countries18 FPSOs
2 million bpd production
GasDistribution
Brazil: approx. 30 million m3/dcapacity (roughly 50% of
domestic supply total)
MODEC
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2. Activities in offshore Oil & Gas infrastructure sector
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Strong collaborative framework with MODEC Abundant project achievements for Petrobras (Brazil) Stable earnings from 18 FPSO*/FSO
Strength
Growth Initiatives
Raise operating rates, lower costs Win new orders for FPSO Extend offshore energy domains (subsea business* etc.)
*FPSO: Floating Production, Storage & Offloading System*Subsea businessService business for subsea oil and gas production equipment
Offshore Oil & Gas infrastructure
MODEC
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3. Project Outline
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Mitsui is participating in two project companies for a long-term charter business for the purpose of providing FPSOs for use in the Sepia field and Mero field off the coast of Brazil operated by Petrobras. Mitsuis equity interest in both FPSO projects is 32.4%.
Sepia
Mero
Bzios
TartarugaVerde
Espadarte
Sapinho
Lapa
Lula
Rio de Janeiro
Sao Paulo
Field Location
Petrobras
Project Company
MODEC
MitsuiMODEC
MOLMarubeniMitsui E&S
Senior Loan
Lenders
Charter Contract
ShareholdingLimited Recourse
Loan EPCI Contract
Project Structure
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FPSO for Sepia field FPSO for Mero (former Libra) field
Participation Date Jan 9
th, 2018 May 11th, 2018
Field Sepia pre-salt field, in Santos Basin (Offshore Brazil)Mero pre-salt field, in Santos Basin (Offshore Brazil)
Field Owner Petrobras Libra Consortium (Petrobras 40%Shell 20%Total 20%CNPC 10%CNOOC 10%)
Charterer/Operator Petrobras Petrobras
FPSOMajorSpecification
Vessel type VLCC ConversionStorage Capacity 1,400,000bblsOil Production 180,000bbls/dayGas Treatment 6,000,000Sm3/day
Vessel type VLCC ConversionStorage Capacity 1,400,000bblsOil Production 180,000bbls/dayGas Treatment 12,000,000Sm3/day
Contract Term Firm 21 years Firm 22 years
Shareholding Ratio
Mitsui 32.4%MODEC 20.1%MOL 20.6%Marubeni 17.6%Mitsui E&S 9.3%
same as on the left
3. Project Outline
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FPSO = Floating, Production, Storage and Offloading System
Anchor chain
Fluid Riser
To shuttle tanker
1. Production (Process system)The fluid from the reservoir is separated into oil, gas, and water.
3. OffloadingCrude oil stored in the tanks is periodically offloaded to shuttle tankers.
2. StorageProcessed crude oil is stored in the tanks.
Oil Flow
4. What is FPSO?
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Low-risk business withouttaking exploration risk
Marketing
Refining
Offloading & Transportation
ExplorationProduction
Dow
n-stream
Commercial Feasibility Assessment
Test drilling
Exploration
Upstream Field Concession
Surface Production & Storage
Subsea Production System onshore oilfield
offshore oilfield
Fixed Platform
Floating ProductionFacilities
FPSO/FSO
Spar
TLP
Semi-sub
4. What is FPSO?
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Source: 2017 Q4 FPS Report (EMA) *Australia & New Zealand includes one project in bidding and final design stage in Pacific.
(as of September 2017)
5. Business Environment - Numbers of projects using floating oil & gas production facilities -
Graph1
Appraisal
Planning
Bidding & Final Design
1
World Total
48
135
56
Sheet1
1
Appraisal48
Planning135
Bidding & Final Design56
Graph1
Appraisal
Planning
Bidding & Final Design
2
North Sea
2
15
6
Sheet1
12
Appraisal2
Planning15
Bidding & Final Design6
Graph1
Appraisal
Planning
Bidding & Final Design
2
Mediterranean
3
3
6
Sheet1
12
Appraisal3
Planning3
Bidding & Final Design6
Graph1
Appraisal
Planning
Bidding & Final Design
2
Africa
8
26
9
Sheet1
12
Appraisal8
Planning26
Bidding & Final Design9
Graph1
Appraisal
Planning
Bidding & Final Design
2
China
1
6
2
Sheet1
12
Appraisal1
Planning6
Bidding & Final Design2
Graph1
Appraisal
Planning
Bidding & Final Design
2
Southeast Asia
11
24
7
Sheet1
12
Appraisal11
Planning24
Bidding & Final Design7
Graph1
Appraisal
Planning
Bidding & Final Design
2
Southwest Asia & Middle East
6
11
Sheet1
12
Appraisal
Planning6
Bidding & Final Design11
Graph1
Appraisal
Planning
Bidding & Final Design
2
Australia & New Zealand
1
13
1
Sheet1
12
Appraisal1
Planning13
Bidding & Final Design1
Graph1
Appraisal
Planning
Bidding & Final Design
2
Canada
5
5
Sheet1
12
Appraisal5
Planning5
Bidding & Final Design
Graph1
Appraisal
Planning
Bidding & Final Design
2
GOM
4
14
3
Sheet1
12
Appraisal4
Planning14
Bidding & Final Design3
Graph1
Appraisal
Planning
Bidding & Final Design
2
Brazil
10
16
9
Sheet1
12
Appraisal10
Planning16
Bidding & Final Design9
Graph1
Appraisal
Planning
Bidding & Final Design
2
Other South America & Caribbean
2
7
2
Sheet1
12
Appraisal2
Planning7
Bidding & Final Design2
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Financials
(mil JPY) 2014/12 2015/12 2016/12 2017/12
Revenue 378,523 295,596 229,987 191,182NetProfit 5,422 5,824 21,012 19,454
TotalAsset 348,447 354,464 333,249 321,165
NetAsset 109,631 114,983 134,609 148,387
Shareholding Structure (2018/4/1)
14.86%(2nd Largest)
3.15%
M itsuiO ceanD evelopment andE ngineeringC ompany
Mitsui & Co., Ltd
Mitsui E&S Holdings Co.,
Ltd.
MODEC
50.1%(Largest)
6. MODEC - Strategic Partner for FPSO/FSO Business -
Company Name MODEC, Inc.Capital 30,122.49 million yenNo. of Employees* 157 (Consolidated: 4,065) * Including contract employeesMain Business** Own, Operation and EPCI of FPSO, FSO, FLNGs, TLPs, Semi-Submersibles,
Mooring Systems and new technologies which will meet the challenges of oil and gas production floaters.
** FPSO : FPSO - Floating Production, Storage and Offloading systemFSO : Floating Storage and Offloading systemFLNG : Floating LNGTLP : Tension Leg Platform
Source: MODECs web page.
http://www.modec.com/jp/index.htmlhttp://www.modec.com/jp/index.html
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As of May 2018Time Charter (Own & Operate)
Under Operation 14 units 11 FPSOs3 FSOs
Under Construction 3 FPSOsContract Terminated 1 FPSO
BrazilTime Charter
FPSO Guanabara MV31
FPSO Carioca MV30
FPSO Cidade de Campos dos Goytacazes MV29
FPSO Cidade de Caraguatatuba MV27
FPSO Cidade de Itagua MV26
FPSO Cidade de Mangaratiba MV24
FPSOCidade de So Paulo MV23
FPSO Cidade de Angra dos Reis MV22
FPSO Cidade de Santos MV20
FPSO Cidade de Niteri MV18
FSO Cidade de Maca MV15
FPSOCidade do Rio de Janeiro MV14
Southeast AsiaTime Charter
FSORang Dong MV17
FSORong Doi MV12
West Africa
Time Charter
FPSO Baobab Ivoirien MV10
FPSO Prof. John Evans Atta Mills
OceaniaTime Charter
FPSOMODEC Venture 11
Contract terminatedFPSOStybarrow Venture MV16
PetrobrasTartaruga
Verde FPSO
PetrobrasSpia FPSO
7. Mitsui FPSO/FSO Projects
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PetrobrasMero FPSO
Investment in FPSO Charter Projectsfor Petrobras in BrazilAgenda1.Core Business of the Infrastructure ProjectBusiness Unit2. Activities in offshore Oil & Gas infrastructure sector3. Project Outline4. What is FPSO?5. BusinessEnvironment6.MODEC -Strategic Partner for FPSO/FSO Business -7.Mitsui FPSO/FSO Projects