The development of the Oliva offshore field is planned to be developed as a tie-back to the Atlanta FPSO in the Santos Basin, offshore Brazil, benefiting the Atlanta project, according to a report by GlobalData.

Entitled Brazil Oliva Project Panorama – Oil and Gas Upstream Analysis Report, the report highlights that Oliva tie-back is expected to share the FPSO cost with the Atlanta project. However, a delay or cancellation in the Oliva development will result in a negative remaining net present value of Atlanta as the entire cost of the FPSO will then have to be supported by Atlanta alone.

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"A second well has to be drilled in the next three years to assess reserves and productivity of the area."

Activity on the Oliva field has been idle since 1993 when a single well was drilled there. The field is awaiting appraisal with results expected in 2018. A second well has to be drilled in the next three years to assess reserves and productivity of the area.

The deepwater Oliva field needs to be developed as a tie-back as it requires specific technologies including sand control completion, a high-power artificial lift pumping system and specific flow assurance procedures. The crude from the Oliva field is of poor quality and its treatment requires a crude treatment system similar to the one installed at the Atlanta field.

The GlobalData report reveals that plans for the Oliva tie-back are scheduled for 2021 after production starts from Atlanta in 2016. A five-year contract for the FPSO was awarded to Teekay Offshore in 2014 at the rate of $50m a year.

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The vessel is expected to be delivered in the second half of 2016 after undergoing modifications by Damen Shiprepair and Conversion.

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