Altera&Ocyan signs contract with 3R Petroleum for maintenance and operation of Papa Terra’s assets

Altera&Ocyan, a joint venture between Ocyan and Altera Infrastructure, signed a new contract with 3R Petroleum for the maintenance and operation of the P-61 and P-63 platforms in the Papa-Terra field, in the south of the Campos Basin (RJ). The contract is for five years, It can be extended for up to five years in multiple one-year periods.

“This is the first time we are taking over the operation of assets from another company, without ownership of the property, broadening the scope of services we offer to the market. The achievement of this new contract is the market’s recognition of the high performance of the services provided by Altera&Ocyan. The project will guarantee Altera&Ocyan an increased level of activity in Brazil and will increase the joint venture’s resource synergy, which will bring benefits to our new customer and to our own operating units, FPSO Cidade de Itajaí and FPSO Pioneiro de Libra. It will be a great growth opportunity for our team and our company.” celebrates Marcelo Nunes, Managing Director of Altera&Ocyan.

3R acquired the Papa-Terra field from Petrobras along with two assets (P-61 and P-63). FPSO P-63 has an installed capacity to process up to 140,000 barrels/day of oil and 1 million m³ of natural gas and started production in 2013.

The P-61 platform, on the other hand, the only Tension Leg Wellhead Platform (TLWP) installed in the country, began production two years later, in 2015. The P-61 wells are of the dry completion type, ie, the well control valves are on the platform, instead of being installed on the seabed.

All power generation is produced by P-63 and supplied to P-61 which, in turn, exports its production by means of multiphase pumps and fluid transfer lines, both the oil and gas produced are transferred from P-61 to P-63, where it is then processed in its own plant.

“Papa-Terra, active in deep waters of the Campos Basin, is 3R’s largest operation in the Brazilian Offshore. The contract with Altera&Ocyan is within our business model of bringing in large strategic partners to coordinate the management of some processes in our operations, in this case the management of the Operation and Maintenance of the two platforms of the asset”, comments 3R Petroleum’s CEO, Ricardo Savini.

The new contract with 3R is subject to approval, by the Administrative Council for Economic Defense – CADE, of the expansion of the joint venture between Ocyan and Altera.

Customer Diversification

Altera&Ocyan acts as operator and charterer of two FPSO: Cidade de Itajaí, for the Australian Karoon; and the FPSO Pioneiro de Libra, for the Libra consortium. Cidade de Itajaí was the first production unit operated by the joint venture, started in 2013. In 2017, it was the turn of the Libra Pioneer to begin operations.

“Our assets have operational excellence and high safety milestone rates. Now let’s move on to a new stage, that will allow us to broaden the company’s paths”, Nunes celebrates.

“Altera and Ocyan already operate two successful projects in Brazil and this long-standing cooperation now allows us to further expand our combined strengths in an exciting new project that will create significant value and opportunities for industry and society.” comments Jorge Mitidieri, Ocyan’s Executive Vice President and Altera&Ocyan’s Board Member.

“We are very excited about this new project in such a growing and dynamic segment of independent oil companies in Brazil and are very confident that we will replicate the success and high standards of the other partnerships Altera and Ocyan have in Brazil.” says José Elias, Altera’s General Director.

Sobre Altera Infrastructure

Altera Infrastructure is a global leader in energy infrastructure services focused primarily on the ownership and operation of critical infrastructure assets in the offshore oil regions of the North Sea, Brazil and the East Coast of Canada. Altera Infrastructure has consolidated assets of approximately $3.9 billion, comprising more than 40 offshore assets, including floating production units, storage and offloading (FPSO), tankers (including one new build), floating storage and offloading units (FSO), long-distance tugboat and offshore installation units and a maintenance and safety unit (MSU).

Most of Altera Infrastructure’s fleet is employed on medium term ?stable contracts. The affiliates of global asset manager Brookfield Business Partners L.P. (NYSE: BBU) (TSX: BBU.UN) own 100% of the general partner of Altera Infrastructure. Altera Infrastructure L.P. preferred units are traded on the New York Stock Exchange under the symbols “ALIN PR A”, “ALIN PR B” and “ALIN PR E”, respectively.

About Ocyan

Ocyan is a company with a sustainable attitude and knowledge to provide solutions to the upstream oil and gas industry offshore Brazil and abroad. Its main values are the safety of its members and of the operation, the trusted partnership with customers, and the commitment to ethics and transparency. The company also encourages diversity and inclusion both inside and outside the company. The company’s fleet currently includes five drilling units and two FPSO vessels (floating, production, storage and offloading). Ocyan also develops SURF projects, subsea equipment manufacturing and installation, and provides offshore maintenance services. More information: www.ocyan-sa.com.

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Renata Piñeiro: +55 (21) 3626-3752