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
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 
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