Malaysia’s Yinson Holdings has secured two contracts worth approximately $5.2bn in total from Brazilian firm Petrobras for the FPSO vessel in the North Campos Basin, offshore Brazil.

The two letters of intent (LOIs) have been awarded for the charter, operations and maintenance of the Integrado Parque das Baleias (IPB) floating, production, storage and offloading (FPSO).

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The contracts have a term of 22.5 years, effective from the date of final acceptance.

Yinson Bergenia Production, a Netherlands-incorporated indirect subsidiary of Yinson, will charter the IPB FPSO.

Yinson’s Brazil-incorporated wholly owned subsidiary Yinson Bergenia Serviços de Operação Ltda will be responsible for the FPSO’s operations and maintenance.

The FPSO will be deployed for the Parque das Baleias Integrated Project, which is planned to be installed in the Jubarte Field in the northern part of the Campos Basin.

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Expected to start production in the last quarter of 2024, the FPSO will have the capacity to process 100,000 barrels of oil and five million cubic metres of gas per day.

A total 17 wells are planned to be interconnected to the FPSO, Petrobras said.

The Parque das Baleias area comprises the JubarteCachalote, Caxaréu, Baleia Anã, Pirambú and Mangangá fields. The first field, Jubarte, was discovered in 2001.

Yinson production offshore CEO Flemming Grønnegaard said: “Yinson and Petrobras have jointly committed to implementing a low emission design into IPB FPSO towards mitigating the world’s climate change issues.

“Together, we are excited to pioneer some sustainable design concepts that we believe will pave the way for the industry to significantly reduce its environmental impact.”