Commercial Production from FPSO Project Commences in the Gulf of Mexico

Project Provides Charter, Operation and Maintenance of FPSO for Shell Offshore Inc.

September 9, 2016
Mitsubishi Corporation
Oil production commenced on September 2, 2016 from the Floating Production, Storage and Offloading system (FPSO*¹) owned by a joint venture between Mitsubishi Corporation (MC), Nippon Yusen Kabushiki Kaisha (NYK Line) and SBM Offshore N.V. (SBM), a global leader in the FPSO sector. The joint venture was set up for the charter, operation and maintenance of an FPSO system for Shell Offshore Inc. in the Gulf of Mexico.
 
The FPSO Turritella, constructed by converting a crude tanker, has been installed for use in development at the Stones Oil Field (*²) off the US coast of the Gulf of Mexico. The FPSO is operating at the world’s deepest offshore development site, covering a water depth of 2,900 meters.
 
MC has participated in the charter, operation and maintenance of an FPSO for use in the northern part of Sapinhoá oil field and two FPSOs for use in the BM-S-11 block located off the coast of Brazil. This project marks the fourth such for MC. MC will continue to proactively seek out FPSO charter businesses as well as other opportunities in offshore oil and gas development services which continue to show stable demand.
 
Outline of FPSO Turritella
Oil Production Capacity
60,000 bbl/day
Gas Treatment Capacity
15 mmscf/day
Oil Storage Capacity
80,000 Bbl
Mooring Type
Disconnectable Turret (*³)
Percentage of Participation
SBM 55% / MC 30% / NYK Line 15%
Charter Period
Initial period of 10 years with future extension options up to a total of 20 years
 
(*1) FPSO: Floating Production, Storage & Offloading System. The system stores crude oil produced from offshore oil fields after removing solid materials, water and gas, then offloads to shuttle tanker by a certain shipment volume.
 
(*2) Stones Oil Field:  An offshore oil field located 320 kilometers off the coast of Louisiana, U.S.A, at a water depth of 2,900 meters. Stones is owned by Shell Offshore Inc.
(*3) Disconnectable Turret: Anchorage sytem which enables the FPSO to be detached and towed away in the event of an approching hurricane.
 
Project Location
＜Company profiles＞
  1. Mitsubishi Corporation
    1. Head office : 3-1, Marunouchi 2-Chome, Chiyoda-ku, Tokyo, 100-8086, Japan
    2. Established : July 1, 1954
    3. Key business activities: Mitsubishi Corporation (MC) is a global integrated business enterprise that develops and operates businesses across various industries including environmental and infrastructure business, Industrial Finance, Logistics & Development, Energy, Metals, Machinery, Chemicals, and Living Essentials. In addition to these Business Groups, MC has also established a Business Service Group.
    4. Number of employees : 68,247 employees (as of March 31, 2016)
    5. Representative : Takehiko Kakiuchi, President and Chief Executive Officer
 
  1. Nippon Yusen Kabushiki Kaisha (NYK LINE)
    1. Head office : 3-2, Marunouchi 2-Chome, Chiyoda-ku, Tokyo, 100-0005, Japan
    2. Established : September 29, 1885
    3. Key business activities: Global logistics based on international marine transportation business, cruises, terminal and harbor transport, shipping-related services, real estate, and others
    4. Number of employees : 34,276 employees
    5. Representative : Tadaaki Naito, President
 
  1. SBM (SBM Offshore)
    1. Head office : Karel Doormanweg 66, 3115 JD Schiedam, The Netherlands
    2. Established : October 11, 1965
    3. Key business activities: SBM Offshore (SBM) provides floating production solutions to the offshore energy industry, over the full product life-cycle. The Company’s main activities are the design, supply, installation and operation of Floating Production, Storage and Offloading (FPSO) vessels. These are either owned and operated by SBM Offshore and leased to its clients or supplied on a turnkey sale basis.
    4. Number of employees : 7,020 employees (as of December 31, 2015)
    5. Representative : Bruno Chabas, Managing Director and CEO
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Mitsubishi Corporation
Telephone:+81-3-3210-2171 / Facsimile:+81-3-5252-7705