MOL seeks oil in Mexican waters
Modec and MOL have joined forces in a long-term charter business to provide a floating production, storage, and offloading system (FPSO) for use in the offshore Area 1 block on the coast of Mexico. A loan agreement for the project was entered into on 12 April 2019.
Mitsui and MOL invested in Area1 Mexico MV34 B.V. (MV34), a Dutch company established by Modec, which will engage in FPSO leasing, operations and maintenance services. In December 2018, MV34 concluded the charter agreement with Eni Mexico. The charter contract will initially run for 15 years, with options for extension every year thereafter up to five additional years. Mexico has seen numerous significant discoveries of expansive offshore oil fields in recent years.
Construction of the FPSO is planned to be completed in 2021, and it will be deployed for the development of the Area 1 block at water depths of about 32 m. (kd)