Perenco one step closer to $400 million Brazil field redevelopment



Anglo-French independent Perenco has concluded the hook-up of the floating storage and offloading vessel that will assist in operations at a cluster of three shallow-water fields in the Campos basin offshore Brazil.

The contracting of the FSO is part of a broader initiative pegged at $400 million to revitalise the Pargo, Carapeba and Vermelho fields and increase their production.

Perenco acquired the three fields from Brazilian oil giant Petrobras in October 2019 for $398 million.

As part of its redevelopment, the company ordered the Pargo FSO, which arrived in Brazilian waters in March, with storage capacity of 750,000 barrels of crude.