Altera&Ocyan Signs Contract with 3R Petroleum for Maintenance & Operation of Papa Terra's Assets

Source: 6/13/2022, Location: South America

Altera&Ocyan, a joint venture between Ocyan and Altera Infrastructure, signed on June 8th a new contract with 3R Petroleum for the maintenance and operation of platforms P-61 and P-63 in the Papa-Terra field, in the South of Campos Basin (RJ). The contract is for five years and may be extended for up to five years in multiple one-year periods.

"This is the first time we will take over the operation of assets from another company, without ownership of the asset, expanding the scope of services we offer to the market. This new contract is the market's recognition of the high performance of Altera&Ocyan's services. This project will ensure Altera&Ocyan an increase of its activity level in Brazil and will expand the joint venture resources synergy, which will bring benefits to our new client and to our own operating units, FPSO Cidade de Itajaí and FPSO Pioneiro de Libra. This is a great growth opportunity for our team and our company", celebrates Marcelo Nunes, Altera&Ocyan's General Director.

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, the only Tension Leg Wellhead Platform (TLWP) installed in the country, started production two years later, in 2015. The P-61 wells are of the dry completion type, i.e., the well control valves stay 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 through multiphase pumps and fluid transfer lines, with both the oil and gas produced being transferred from P-61 to P-63, where it is then processed in its own plant.

Papa-Terra, an asset in deep waters of Campos Basin, is 3R's largest offshore operation in Brazil. The contract with Altera&Ocyan is part of our business model of bringing big strategic partners to coordinate the management of some processes in our operations, in this case the management of the Operation and Maintenance of both platforms of the asset.", comments the CEO at 3R Petroleum, Ricardo Savini The new contract with 3R is subject to Ocyan and Altera having its expanded joint venture approved by the Administrative Council for Economic Defense – CADE.

Client Diversification
Altera&Ocyan acts as operator and charterer of two FPSO: the Cidade de Itajaí, for Australian company Karoon; and the FPSO Pioneiro de Libra, for the Libra consortium. The Cidade de Itajaí was the first production unit operated by the joint venture, which began in 2013. In 2017, it was Pioneiro de Libra's turn to start operations.

"Our assets have operational excellence and high safety milestones. Now we will move on to a new stage, which will allow us to expand the company's capabilities”, says Nunes.

“Altera and Ocyan already operate two successful projects in Brazil and this longstanding cooperation is now enabling us to further expand our combined strengths into a new and exciting project that will create significant value and opportunities for the industry and the society”, comments Jorge Mitidieri, Ocyan´s Executive Vice President and Altera&Ocyan´s Board Member.

“We are very excited for this new project in such a growing and dynamic segment of independent Oil companies in Brazil and we are very confident that we will replicate the success and high standards of the other partnerships Altera and Ocyan maintain in Brazil”, highlights Jose Elias, Altera´s Managing Director.

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