The Sepia floating production, storage and offloading vessel will be chartered for a 21-year period and will have capacity to produce 180,000 barrels per day of oil and 5 million cubic metres per day of natural gas from the field of the same name in the Santos basin pre-salt province, write Fabio Palmigiani and Gareth Chetwynd.
The bulk of the field lies within a transfer or rights area where Petrobras holds a 100% stake and is currently barred from selling any part of its interest to third-parties, a factor that ultimately raises risks and pushes up financing costs.
