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BG eyes more Brazil FPSO orders
Petrobras is on the verge of inking two more floating production storage & offloading newbuildings as partner BG Group makes positive noises about its operations in Brazil.
The UK energy giant, which is in a consortium headed by Petrobras, indicated the group may even be mulling additional FPSO tonnage on top of this with confirmation of fresh orders due before February.
In a webcast to discuss the company's results this afternoon, chief executive Frank Chapman remained buoyant on Brazil and pointed to the 11 FPSO newbuildings destined for its operations, along with partners, at five blocks in the Santos Basin.
Chapman freely offered the view that the company is "about to order two more" FPSOs but was unwilling to divulge further information when questioned by analysts.
The BG boss even indicated "there is almost certainly going to be more [FPSOs] to follow" and that he is "looking forward to updating the market¿at the latest by February next year".
"Let me reassure you that when we are able [to give more specific information on prospective orders] we will do that," Chapman said, preempting questions from analysts.
BG has shares ranging between 20% and 40% in five blocks off Brazil with local partners such as Petrobras, Repsol YPF Brasil, Partex and Petrogal.
In November last year BG and its partners penned contracts worth $3.5 billion in total for eight FPSO hulls at Brazilian greenfield shipyard, Engevix Engenharia. Shipbroker information suggests the total is closer to $3.74 billion with a per-unit price of $468 million and delivery between 2013 and 2016.
Chapman continued the positive note on BG's Brazilian plays by to a "high level of convergence" between partners in the region on prospects for production.
"I think it is fair to say that there is an increasing convergence, amongst the partners, of views. We are looking here at a pretty high level of convergence."
When quizzed on projected flow rates from its Brazilian plays, Chapman indicated anywhere in the region of between 25,000 barrels of oil per day and 50,000 bpd, adding that these are just oil rates with gas production rates to be added.
"We are pretty happy that all of the partnership is moving in the same direction. All the partnership members are smiling at the moment, that we have something very special."
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