Oil production has started on the 'Cidade de Paraty', a floating production, storage, and offloading (FPSO) unit chartered by Petrobras and deployed for the BM-S-11 consortium (65% Petrobras, 25% BG Group and 10% GALP Energia).
The 'Cidade de Paraty' is deployed in a pre-salt area of the Lula field. This FPSO unit is owned by a shareholder consortium comprising SBM Offshore (Netherlands), Queiroz Galvão Óleo e Gás (Brazil), and a company owned by Nippon Yusen Kabushiki Kaisha (NYK Line) and the Itochu Corporation (Itochu). The unit has been chartered for 20 years by Petrobras.
In the waters off Brazil, fields in the pre-salt area have been found to hold significant amount of oil and gas reserves. Through its participation in this FPSO project, NYK Line and Itochu will continue their efforts to expand and develop their business in the offshore oil and gas industry, especially in Brazil, where "remarkable growth" is expected.
