MODEC Inc. (“MODEC”) announced that Shell Brasil Petróleo Ltda (“Shell”) has made its Final Investment Decision (FID) for a Floating Production Storage and Offloading (FPSO) vessel for the Gato do Mato oil field, offshore Brazil.
Before signing the agreement with MODEC, Shell had made a final investment decision on the Gato do Mato oil and gas field development project. Shell, Ecopetrol and Total Energy hold 50%, 30% and 20% of the project’s shares respectively.
Following the successful execution of the Front-End Engineering Design (FEED) contract, which was awarded in March 2024, MODEC has signed a Purchase and Sales Agreement, and a contract for the operations and maintenance of the FPSO for a period of 20 years with Shell.
When installed, FPSO Gato do Mato will be capable of producing 120,000 barrels of oil per day (BOPD), as well as associated gas and water, and will be moored at a water depth of approximately 2,000m, around 200km South of Rio de Janeiro. MODEC will be responsible for the design of the hull and all related topsides facilities for the FPSO, which will be moored by a SOFEC Spread Mooring system. The produced stabilized crude will be stored in the FPSO tanks, and the oil will be offloaded to shuttle tankers to go to market.
The FPSO will feature a new built, custom-made Next Generation Hull to meet the 25-year design life.
The FPSO Gato do Mato will be the 19th FPSO to be developed by MODEC for Brazil. It will be the second unit to be delivered directly to Shell by MODEC for operation in Brazil.