Group, China’s fourth largest oil company, bought 40 per cent of the Peregrino field, which is controlled by Norway’s Statoil, for US$ 3.07 billion.
Chinese investment in the Brazilian market is certainly changing the make-up of the market offshore Brazil. There are around 20 major corporations active in the region, until recently mostly North American and European, and China’s influence is expected to continue to grow. Fast-developing demand for energy in China, stimulated mainly by growth in the automobile sector, has made it necessary for the Chinese government to look for new sources of energy, and Brazil has been one of its main targets, given the expected bright future for its oil and gas industry. According to Index Mundi, China consumes around 9.189 million of barrels of oil equivalent (boe) per day, but only produces 3.991 million of boe/day, some of which is exported. This being the case, China needs to import more than 50 per cent of the oil that it will consume in 2012.
China became one of the main importers
of Brazilian oil a few years ago, partly as a consequence of an agreement between Petrobras and Sinopec, in which the Brazilian oil major
committed to sell 150,000 boe/day to Sinopec at market prices. In 2011, the volume increased to 200,000 boe/day.
The contract has functioned as a guarantee for a US$10 billion loan that China Development Bank granted to Petrobras, and many market analysts and Brazilian politicians believe that contracts like this one and the growing presence of China in Brazil is very positive as it boosts the industry and promotes a healthy relationship between the two governments.
Some also believe that the Chinese will become the main investor in Brazil’s pre- salt fields in the medium and long term, mainly because of audacious deals such as the one described above. China’s goal has been to fix a guaranteed supply of oil from a country such as Brazil, which, unlike other key suppliers, such as Sudan and Iran, is seen as safe and stable. Nonetheless, the question arises
as will always be entirely to
whether having China as such an important partner
positive
for Brazil and its offshore industry. Brazil undoubtedly has an important role to play in China’s plans, but becoming dependent on China would probably not be a good thing in the long run. OSJ
• Milan Tide: the Brazilian flagged DP1 PSV has been working the spot market recently, but was due to enter into a term contract with Petrobras.
• Toisa Voyager: Sealion’s multipurpose PSV was fixed for three weeks firm to Modec to support underwater inspection work on a floating production, storage and offloading (FPSO) unit. At the time of writing, the vessel was on the spot market.
New vessels continue to join the growing fleet of ships offshore Brazil
• Sea Panther: after a successful campaign with Statoil, the DP2 anchor- handling tug/supply (AHTS) vessel was redelivered by the Norwegian oil major. Deep Sea Supply is understood to be looking at the spot market and has decided to keep Sea Panther in Brazil. A sistership, Sea Leopard, has been also been trading the spot market and has enjoyed a high level of utilisation over the last couple of years. At the time of writing, the vessel was employed by BP as a front- runner for the Brazilian-built PSV Sea Brasil, which was due to be delivered in the second quarter. Reporting consolidated revenues of US$US21.4 in the first quarter of 2012, compared to US$24.0 in the first quarter of 2011, Deep Sea Supply said its firm contract backlog has increased significantly to US$425 million. In Brazil alone, the company has 12 long-term contracts with Petrobras and other clients.
China is attracted by the growing demand for oilfield services offshore Brazil
www.osjonline.com Offshore Support Journal I June 2012 I 83
in brief
• Reedbuck: recently released from a long-term contract with Anadarko, Edison Chouest Offshore’s anchor handler secured a short-term contract with Ocean Rig to transport cargo.
• Far Swift: Farstad’s DP2 platform supply vessel (PSV) recently secured a contract with Shell Brasil on completing a contract with Petrobras. The contract firm period was two months with options.
• Karen Tide: the Brazilian flagged DP1 fast supply vessel has been trading the spot market for a few months and recently secured two fixtures with Technip, assisting with cargo and personnel transport, mainly out of Technip’s facilities in the Vitoria region, Espírito Santo.
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