SUN - Petrobras Puts Off the Barracuda-Caratinga FPSO Tender | Benzinga
Petrobras (NYSE: PBR), the state-controlled oil company in Brazil, has once again delayed the bid submission deadline for chartering a floating production, storage and offloading (FPSO) vessel aimed at revitalizing operations in the Barracuda-Caratinga field within the Campos Basin.
This recurring postponement reflects PBR's ongoing challenges in garnering sufficient interest from floater companies for its bidding opportunities.
Background on Barracuda-Caratinga Field
The Barracuda-Caratinga field, located in Brazil's prolific Campos Basin, is a significant asset for PBR. The field has been a major contributor to the country's oil production and its revitalization is crucial for maintaining output levels. However, attracting bidders for the FPSO tender has proven difficult, which has led to multiple delays in the submission deadlines.
Challenges in the Bidding Process
PBR's difficulty in attracting interest from floater companies is a notable concern. Earlier this year, the company canceled a competition to contract a floater for the Albacora field. Recently, it received only a single offer from a local player with no track record in the tender for chartering a pair of FPSOs to produce in the deepwater portion of the Sergipe-Alagoas Basin. These challenges highlight broader issues within the tender ...