Westshore Brazil report market data
Partnerships with China could have big role to play
Compiled using information provided by Westshore Shipbrokers AS
www.westshore.no/www.westshore.com.br
As highlighted previously in OSJ, Chinese oil companies are moving into the Brazilian offshore scene in a big way. The latest deal has seen China Petroleum & Chemical Corporation (Sinopec) acquire assets from Galp Energia
I
of 30 per cent of the assets of Galp Energia SA in Brazil, bringing its total investment in Brazil to US$15.37 billion. Sinopec is a state-owned company and China’s second largest oil and gas producer. With
n late March, Sinopec concluded the acquisition
a licences large number of exploration in China and elsewhere, Sinopec
is moving into Brazil and consolidating its position as an international oil company (IOC). Acquisition of Galp Energia SA has paved the way for China’s entry in the pre-salt fields in the Santos Basin, without having participated in any of the bidding rounds held by Brazil’s National Petroleum Agency (ANP).
Sinopec is understood to have paid US$4.8 billion for all Galp’s exploration and production blocks, including a 10 per cent share of the Lula (former Tupi) and Cernambi (formerly Iracema) fields.
Galp’s Brazilian subsidiary held stakes in a total of 20 blocks in Brazil, a majority in partnership with Petrobras, Brazil’s state-
Brazil’s fast-expanding offshore industry is increasingly attractive to Chinese investors
owned oil company. In the pre-salt layer the Chinese company also has 14 per cent of Bem-Te-Vi (block BM-S-8), 20 per cent of Caramba (BM-S-21) and 20 per cent of the Jupiter (BM-S-24) fields, all in the pre-salt
Drilling and production round up
• Ocean Rig’s drillship Mykonos, which was delivered in September 2011 by Samsung, began operations with Petrobras at the end of March, having mobilised from the Far East. The contract with the state-owned company is for 1,095 days firm. This is the third Ocean Rig drillship delivered to Petrobras, in addition to Corcovado and Poseidon. • Built by Aker Yards in 1974, Beckford Dolphin was re-built in 2007/2008 and will soon be completing a drilling campaign with Sonangol-Starfish, after which the unit will move on to a contract with
82 I Offshore Support Journal I June 2012
Anadarko. In between wells for Anadarko, the rig will also work for Karoon Gas Australia in Brazil. • Sete Brasil has signed a preliminary deal worth US$4.12 billion with Keppel Offshore and Marine. In December 2011, the Singaporean yard secured an order for a single DSS 38E worth US$809 million, for delivery in 2015, and has now secured a repeat order for five semi- submersible drilling rigs. • MOL and two Japanese trading houses are to take a stake in a Modec FPSO project. The three companies are investing in a unit for
the Cernambi Sul pre-salt oilfield. The FPSO will be named Cidade de Mangaratiba and is being converted from a very large crude carrier (VLCC) by Tupi BV for deployment in the third quarter of 2014. The FPSO will have storage capacity for 1.6 million barrels and a processing capacity of 150,000 boe/day. • A joint venture comprising SBM Offshore, QGOG and Mitsubishi Corporation has executed a charter for the Cidade de Ilhabela (FPSO). The unit will operate in the northern part of the Sapinhoa pre-salt development.
www.osjonline.com area of the Santos Basin.
Sizeable as it is, the Galp deal was not Sinopec’s largest in Brazil – in 2010 it paid US$7.1 billion for a 40 per cent stake in Repsol’s Brazilian subsidiary. Earlier in 2010, Sinochem
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