Teekay Offshore Partners L.P. (Teekay Offshore) (NYSE:TOO) announced today that it has completed the upgrade of the Petrojarl I floating production, storage and offloading (FPSO) unit, which has now sailed-away from the Aibel AS shipyard in Norway.
The FPSO unit is now en route to the Atlanta Field, which is located 185 kilometers offshore from the coast of Brazil at a water depth of approximately 1,550 meters and contains an estimated 260 million recoverable barrels of oil equivalent. Once the FPSO unit arrives at the Atlanta field, it will undergo field installation and testing prior to commencing its five-year charter contract with a consortium led by Queiroz Galvão Exploração e Produção SA (QGEP), which is expected to occur in the latter part of the first quarter of 2018.
“This has been a challenging project for Teekay Offshore and today therefore marks a significant milestone for the Petrojarl I FPSO upgrade project,” commented Ingvild Sæther, President and CEO of Teekay Offshore Group Ltd. “We now look forward to achieving first oil on the Atlanta field which will allow our customer to begin generating a return on their investment while also adding cash flow growth to Teekay Offshore.”
Source: Teekay