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Mitsubishi Corporation Confirms Contracts for Two FPSOs in Brazi


Mitsubishi Corporation Confirms Contracts for Two FPSOs in Brazil

Enters into Contract with Petrobras-led Consortium for Charter, Operation and Maintenance

Tokyo, July 17, 2013 - (JCN Newswire) - A Mitsubishi Corporation (MC) joint venture has entered into contract with a consortium led by Brazil's national oil company, Petroleo Brasileiro S.A. (Petrobras)-led Consortium for the charter, operation and maintenance of two Floating, Production, Storage and Offloading (FPSO) systems in Brazil. The MC joint venture has established with Nippon Yusen Kabushiki Kaisha (NYK Line), SBM Offshore N.V. (SBM), a global leader in the business, and Brazilian private oil and gas service provider Queiroz Galvao Oleo e Gas S.A ("QGOG").

The two FPSOs will be constructed by converting large crude tankers, and will be used in development at the Lula Alto and Lula Central oil fields, operated by Petrobras, off the coast of Brazil. The FPSOs are scheduled to start production operation from around the beginning of year 2016.

As companies explore the development of oil and gas resources in response to the need for securing sustainable energy supplies globally, the development of offshore oil and gas fields is becoming more important. Rich in offshore oil reserves, Brazil is considered an important player in the offshore oil market. In this context, the Lula Alto and Lula Central projects are of major importance for the joint venture led by Petrobras.

These projects mark the second and third such for MC based on the long-term cooperation agreement signed with SBM in February 2011 since its participation in the development of an FPSO for use in the northern part of Sapinhoa oil field, also located off the coast of Brazil. Through the long-term cooperation agreement, MC will actively continue to expand its FPSO business worldwide, with the core of its activities in Brazil.

(Outline of each FPSO ("FPSO Cidade de Marica" and "FPSO Cidade de Saquarema")) Oil process capacity - 150,000 Barrel per day Gas treatment capacity - 6,000,000 standard m3/day Oil storage capacity - 1.6 mil. Barrel Water injection capacity - 35,000 m3/day Mooring Type - Spread Mooring

About Mitsubishi Corporation

Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. With over 200 bases of operations in approximately 80 countries worldwide and a network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.

Copyright 2013 JCN Newswire. All rights reserved. www.japancorp.net

Provider ID: 00027056

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