SACE and NEXI finance large carbon bomb vessel for Dutch SBM Offshore

(Offshore Technology, London, 16 September 2021) Dutch floating production storage and offloading (FPSO) operator SBM Offshore has completed the largest project financing in its history, of the vessel FPSO Sepetiba, for a total of $1.6bn. SBM Offshore was established in 1862 and its main activity is to design, supply, install, operate, and maintain FPSO vessels. It accounts for over 1,660,000 [barrels?] of total fleet oil production capacity. The project financing was secured by a consortium of 13 international banks, with insurance cover from Nippon Export and Investment Insurance and SACE. The vessel has a processing capacity of up to 180,0000 (sic) barrels of oil per day, a water injection capacity of 250,000 barrels per day, associated gas treatment capacity of 12mmscm, and a minimum storage capacity of 1.4mmbbl. It will be moored in approximately 2,000m water depth and will be deployed at the Mero field in the Santos Basin offshore Brazil. The Libra block, where the Mero field is located, is under a production sharing agreement with a consortium comprised of Petrobras as the operator with 40% interest; Shell with 20%; TotalEnergies with 20%; China Southern Petroleum Exploration and Development Corporation with 10%; and China National Offshore Oil Corporation with 10% interest. Petrobras, a state-owned Brazilian multinational corporation in the petroleum industry, awarded a contract to SBM Offshore for the 22.5 years lease and operation of the FPSO for the Mero field in December 2019. The Guardian notes that carbon bombs, gigantic coal, oil and gas projects from around the world, if they go ahead, will raise global emissions and cause dangerous climate change.