MODEC's affiliate MV20 has signed a contract with Enauta to sell the FPSO Cidade de Santos MV20, enhancing Enauta's capabilities in Brazil's lucrative oil market.
Target Information
MODEC, Inc. announced that its affiliate, Gas Opportunity MV20 B.V. (MV20), has entered into a contract with Enauta Energia S.A. (Enauta), a fully owned subsidiary of Enauta Participações S.A. The contract involves the sale of the Floating Production Storage and Offloading (FPSO) unit named Cidade de Santos MV20, which has been operating in the Uruguá and Tambaú fields located in the Santos Basin, offshore Brazil.
The FPSO has been under a charter agreement with Petróleo Brasileiro S.A. (Petrobras) since 2010, with the lease running for a total of 13 years. This FPSO unit plays a crucial role in the oil production operations in the Santos Basin, contributing significantly to Brazil's offshore hydrocarbon output.
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Industry Overview in Brazil
Brazil's oil and gas industry is one of the most dynamic sectors in Latin America, characterized by extensive offshore reserves and advanced technological applications. The Santo
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