Mar. 2013 - SBM Offshore received a Letter of Intent (LOI) for the 20-year charter and operation of two FPSOs in the Petrobras-operated block BM-S-11. SBM will be in charge of the construction of the vessels which will take place in Brazil. Both FPSOs will be deployed in the Lula fields in 7,545 feet of water. The converted double hull vessels will be capable of storing 1.6 million barrels each with water injection capacities of 200,000 barrels per day. Total value of the contract is approximately $3.5 billion.

Mar. 2013 - Subsea 7 was recently awarded two lump sum contracts and one dayrate contract by Brazilian oil giant Petrobras. Combined values of the contracts exceed $300 million. Work scope of the lump sum contracts comprises the installation of two export flexible Lazy Wave risers at the Sapinhoa and Lule NE fields in water depths of almost 7,000 feet. The dayrate contract encompasses project management, engineering and installation of Petrobras-supplied flowlines and umbilicals in both fields.

Jul. 2012 - BG Group and partners have approved the signature of contracts totaling $4.5 billion for the construction of the first six topside modules and integration packages for eight domestic floating production, storage and offloading units to be used on the Lula (Tupi) and Sapinhoa (Guara) pre-salt projects offshore Brazil.

May. 2012 - Wartsila Hamworthy will deliver inert gas generator units to eight FPSOs in the Santos Basin. Six of the units will be deployed for the Tupi fields with the other two being utilized for the Guara field. The first two units will undergo full scale testing at the factory in Moss prior to delivery, starting as soon as the end of December this year and up to the end of January 2015. Each of the units will be installed on the utility module on the FPSO inside a dedicated compartment. The eight FPSOs are currently under construction in Brazil.

Mar. 2012 - Petrobras awarded Saipem a new E&C offshore contract in Brazil for the Lula development. The EPCI contract is for the gas export trunkline Rota Cabiunas, situated in the Santos Basin pre-salt region, approximately 186 miles (300 kilometers) off the coast of the State of Sao Paulo. The development comprises the engineering and procurement of subsea equipment, and the installation of a 236-mile-long (380-kilometer-long) pipeline with a 24-inch diameter, in a maximum water depth of 7,218 feet (2,200 meters). The pipeline will connect the central gathering manifold in the Lula field, in the Santos Basin, to the onshore Processing Plant of Cabiunas, located in the Macae district, in the State of Rio de Janeiro. Work is slated for completion in 2Q2014.

Jul. 2011 - SBM Offshore reported that contracts for the 20-year lease and operation of Cidade de Paraty FPSO for the Lula Nordeste development were executed with the BM-S-11 consortium. The vessel is now owned and operated by a joint venture of companies compromising SBM Offshore (50.50%); QGOG (20%); Nippon Yusen Kabushiki Kaisha (NYK, 17.5%) and ITOCHU Corporatio (ITOCHU, 12%). The Lula Nordeste field lies in Block BM-S-11 in the pre-salt area, offshore Brazil, about 165 miles (265 kilometers) offshore in 6,890 feet (2,100 meters) of water. The FPSO will include topside facilities to process 150,000 bpd of production fluids, associated gas treatment for 5 MMcm/d with compression and carbon dioxide removal and a water injection facility for 150,000 bpd.

Jul. 2011 - Petrobras said that the 9-RJS-660 well on the Lula field registered its highest volume of production for May, reaching an average production of 28,436 bopd. This well is the first to produce on a commercial basis in the Santos Basin pre-salt. The well is interconnected to Cidade de Angra dos Reis FPSO and is the first of six production wells to be connected to the FPSO. Petrobras expects for the FPSO to produce around 100 Mbopd throughout 2012. The Lula development is located in the Santos Basin in water depths of between 6,890 and 7,218 feet (2,100 and 2,200 meters).

May. 2011 - Saipem received an EPCI contract from Petrobras for the Guara & Lula-Northeast gas export pipelines offshore Brazil. The contract encompasses the transportation, installation and pre-commissioning of two export sealines, as well as the engineering, procurement and construction of related subsesa equipment. The first sealine (18-inches in diameter and 54-kilometers-long) will connect the Guara FPSO vessel to a subsea gathering manifold in the Lula field. The second line (18-inches in diameter and 22-kilometers-long) will connect the Lula Northeast FPSO to the same manifold in the Lula field. The Lula development, formerly Tupi, is located in the Santos Basin in water depths of between 6,890 and 7,218 feet (2,100 and 2,200 meters).

Apr. 2011 - Petrobras has commenced an Extended Well Test in the northwestern area of the Lula field in the Santos Basin pre-salt area. The EWT is being performed in the FPSO BW Cidade de Sao Vicente, anchored at a depth of 6,955 feet (2,120 meters), said the company. Production should remain at around 14 Mbopd. Petrobras stated that information gathered during the EWT will help in project development for the definitive production system to be installed in the Lula field under the name Lula Nordeste Pilot, and through the FPSO Cidade de Paraty. The consortium performing the test consists of Petrobras (operator, 65%), BG Group (25%) and Galp Energia (10%).

Apr. 2011 - Petrobras has awarded Subsea 7 a US $1 billion contract for pre-salt development of the deepwater Guara and Lula NE areas. The engineering, procurement, installation and pre-commissioning of four decoupled riser systems includes four 2,094 tons (1,900 tonnes) submerged buoys at 820 feet (250 meters) below the sea level buoy foundations and 27 steel catenary risers associated pipeline end terminations. Engineering work has commenced, and offshore installation is scheduled for the second half of 2012. The oil fields are located in the Santos Basin, offshore Brazil, in a water depth of about 7,218 feet (2,200 meters).

Mar. 2011 - The Cidade de Paraty FPSO is undergoing refurbishment and conversion work at the Keppel Shipyard along with construction of modules in Singapore and Brazil, announced SBM Offshore. Once work is completed, the vessel will deploy to the Lula Nordeste field on Block BM-S-11 offshore Brazil. Petrobras operates Block BM-S-11, holding a 65% interest. Partners in the consortium include BG (25%), and Galp (10%).

Feb. 2011 - Keppel FELS Brasil was awarded two FPSO engineering contracts valued at US $300 million. One contract is from Single Buoy Moorings Inc. and the other is from the joint venture company MODEC and Toyo Offshore Production Systems. The contract with SBM is for the fabrication and installation of topside modules on the Cidade De Paraty FPSO, which is currently undergoing conversions at Keppel Shipyard in Singapore. The scope of work includes the fabrication and installation of six process modules and a riser gantry, as well as the installation and integration of another six process modules supplied by SBM. The FPSO will be deployed to the Tupi Nordeste development in the pre-salt region of the Santos Basin. It will have a production capacity of 120,000 bopd, and the ability to compress 5 MMcm/d (177 MMcf/d) of natural gas. Work is expected to commence at Keppel in the first quarter of 2011, with the vessel scheduled to arrive in the first quarter of 2012 with delivery in the fourth quarter of 2012. In its contract with MTOPS, BrasFELS will fabricate and integrate topsides modules for the Cidade de Sao Paulo MV23 FPSO, including riser manifolds, laydown areas and the flare tower, as well as the assembly and integration of fabricated pancakes/skids. Work is scheduled for completion in 4Q 2012, and the FPSO will be deployed on the Guara field in the pre-salt region of the Santos Basin. The vessel will have a production capacity of 120,000 bopd and will have the ability to compress 180 MMcf/d (5 MMcm/d) of natural gas and store 1.6 million barrels of oil.

Jan. 2011 - Petrobras and partners have entered a tender process for the charter of two additional Floating Production, Storage and Offloading vessels for use in the full field development of the discoveries on Blocks BM-S-9 and BM-S-11 in the Santos Basin, offshore Brazil. Each vessel will have a production capacity of 150,000 bopd and about 212 MMcf/d. The modules are being tendered for start-up in 2014. One FPSO is allocated for the Guara Norte area on Block BM-S-9 and the other is for the southern area of the Cernambi field (formerly named Iracema) on Block BM-S-11. To date, with the addition of these two new modules, a total of 13 FPSOs will be designated for the two blocks, including the Carioca and Guara areas on Blocks BM-S-9 and BM-S-11, the Lula (formerly known as Tupi) and Cernambi fields, as well as the Iara area. The first permanent vessel is already in operation on the Lula field, and two additional vessels are due onstream on the Lula field and the Guara area in 2013. Additionally, contracts for eight 150,000 bopd FPSO hulls were awarded in November 2010, with start-up expected between 2015 and 2017.

Dec. 2010 - Petrobras has filed the Declaration of Commerciality with the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP) for the accumulations of light oil and gas in the Tupi and Iracema areas. Evaluation and Development Plans for both fields were submitted jointly with the DoC to ANP. The DoC notification also includes field estimates of total recoverable volumes associated with the initial stage of development of the two fields, stated a partner in the concession, BG Group. This document marks the start of the production phases for the fields. Petrobras operates Block BM-S-11, holding a 65% interest. Partners in the consortium include BG (25%), and Galp (10%).

Dec. 2010 - A discovery was made in well 3-RJS-677A, informally known as Tupi W, in a water depth of 7,018 feet (2,139 meters), about 171 miles (275 kilometers) off the coast of Rio de Janeiro. Oil samples taken during tests have proven there is a light oil accumulation (28 degree API). The well found a 295-foot (90-meter) reservoir area on the western flank of Tupi, which helps delineate the size and type of the field. Further testing is necessary, and if results confirm the initial productivity data, the consortium will consider an FPSO for the western area of the field. Petrobras operates Block BM-S-11, holding a 65% interest. Partners in the consortium include BG (25%), and Galp (10%).

Nov. 2010 - Petrobras and its partners have signed two contracts with the Brazilian outfit Engevix Engenharia S.A. for the construction of eight hulls for platforms to be used in the first phase of production development for the pre-salt area in the Santos Basin, offshore Brazil. The total value of the eight hull EPC contracts is about US $3.46 billion. Once completed, the FPSOs will have the capacity to process up to 150,000 bopd and 212 MMcf/d of natural gas (6 MMcm/d). The hulls will be constructed at the Rio Grande Naval Pole starting in March 2011. The first two hulls will be delivered in 2013, while the others are planned for 2014 and 2015, with production commencing by 2017. Six of the eight FPSOs are allocated for Block BM-S-11, in which the Tupi, Iracema and Iara fields are situated; and the other two vessels are designated for Block BM-S-9, where the Guara and Carioca fields are located. The vessels are in addition to the first permanent FPSO already in use on the Tupi field. Petrobras operates Block BM-S-11, holding a 65% interest. Partners in the consortium include BG (25%), and Galp (10%). Block BM-S-9 is also operated by Petrobras, owning a 45% interest; BG owns 30%; and Repsol owns 25%.

Nov. 2010 - BG Group has upgraded gross resources for the Tupi, Iracema and Guara fields by 2.7 billion barrels of oil equivalent, bringing the total to 10.8 billion boe, representing a 34% increase. The company's analysis is based on the development of new and sophisticated reservoir models that incorporated new information, including 790,737 acres (3,200 square kilometers) of 3D seismic data; results from nine completed wells (including the 2 original discovery wells on Tupi and Guara); 10 drill stem tests; and the detailed insights gained from the extended well test on Tupi, which has produced 7.6 MMboe to date. BG Group engaged consultants Miller and Lents (MLL) to provide independent verification of the estimates of the fields and have certified the gross resources to be 10.8 billion boe. All three fields are progressing with development, including the first permanent FPSO is now on the Tupi field and commenced production in October 2010; two additional FPSO's were ordered, and will be deployed on the Tupi and Guara fields; negotiations are progressing on the deployment of additional production modules for Tupi, Iracema and Guara; and the gas export pipeline to Mexilhao was completed. The fields are located in the Santos Basin offshore Brazil.

Oct. 2010 - Production from the Tupi field has commenced, and will reach output of up to 75,000 bopd by late 2011, and should reach its full capacity of 100,000 bopd in 2012, announced BG Group, a partner on the field. Oil is flowing to the first permanent FPSO, Cidade de Angra dos Reis, moored on the Tupi field in Block BM-S-11 in the Santos Basin, offshore Brazil. The FPSO is initially connected to the RJS-660 well, which will undergo technical testing until the Declaration of Commerciality is made for the field, slated for late December. Once the DC is given, the FPSO will connect to other producing wells and the Tupi area will enter the production development phase. To date, nine wells have been drilled in the area, and two more wells are scheduled for drilling by year-end. Furthermore, the ultra-deepwater Tupi field is expected to start commercial production of gas in January or February 2011, which will flow to the Cidade de Angra dos Reis FPSO that has the capacity to produce 5 MMcm/d of natural gas. Petrobras, serving as operator, holds a 65% interest; BG Group holds 25%; and Galp holds 10% interest.

Oct. 2010 - Petrobras has drilled and completed the ninth well in the Tupi area confirming that 5 to 8 billion barrels of light oil and natural gas are potentially recoverable from the pre-salt area of the Santos Basin. The new well confirms that the oil accumulation extends to the extreme south of the Tupi Evaluation Plan area, but, also that the area contains an oil reservoir of about 420 feet (128 meters) wide. This well reduces uncertainties over the estimated volume of hydrocarbons in the area, claims Petrobras. The well, 3-BRSA-854-RJS, informally known as Tupi SW, was drilled in a water depth of 7,060 feet (2,152 meters). A formation test will be conducted to assess the productivity of the pre-salt reservoirs in the well, and once confirmed, the operator will analyze how to develop the southern area of the field. The declaration of commerciality of the field should take place in December 2010. Discovered in July 2006, Tupi is located in the BM-S-11 block in the Santos Basin, 155 miles (250 kilometers) from the southern coast of Rio de Janeiro. Petrobras serves as the operator, holding a 65% interest in the field. British BG Group holds 25%, and Portugal’s Galp Energia holds the remaining 10%.

Oct. 2010 - Petrobras found additional light oil in the pre-salt reservoirs of the Tupi area. The eighth well, 3-RJS-675A, known as Iracema Norte, was drilled in the Tupi Evaluation Plan area in a water depth of 7,372 feet (2,247 meters), about 149 miles (240 kilometers) from the coast of Rio de Janeiro and 4 miles (6 kilometers) to the northeast of the Iracema well – 4-RJS-647. The 3-RJS-675A well was drilled in a lower structural position than well 4-RJS-647, confirming the depth of the oil/water contact. It also discovered light oil with the same characteristics as the Iracema well, with a gravity of about 29 degree API. Data obtained from this and other wells drilled in the area reinforces its estimate of 5 to 8 billion barrels of recoverable light oil and natural gas in the pre-salt reservoirs of the Tupi area. The consortium will continue the program and investments outlined in the Evaluation Plan approved by the ANP. This provides for drilling of additional wells until a declaration of marketability, expected in December.

Jun. 2010 - A new well, Tupi Alto (3-BRSA-821-RJS or 3-RJS-674), on BM-S-11 Block, is the seventh consecutive well drilled on the Tupi accumulation confirming the extended presence of light oil, and excellent reservoir properties across the key Sag reservoir. New information obtained from this well and previously drilled wells, reinforce the potential 5 to 8 billion barrels of recoverable light oil and natural gas from the Tupi pre-salt reservoirs. The Tupi Alto well is located in the Tupi evaluation area in a water depth of 6,926 feet (2,111 meters), about 171 miles (275 kilometers) from Rio de Janeiro. Petrobras, serving as operator, holds a 65% interest; BG Group holds 25%; and Galp holds 10% interest.

Jun. 2010 - Petrobras signed a Letter of Intent with SBM Offshore N.V. and Queiroz Galvao Oleo e Gas S.A. for the construction of an FPSO that will operate the second pilot project in Tupi. The FPSO will be installed in the Tupi Nordeste area and will have a production capacity of 120,000 bopd of light crude oil and up to 5 MMcf/d of natural gas. The vessel will be operated by the companies responsible for its construction and chartered by the consortium for a 20-year period. Discovered in July 2006, Tupi is located in the BM-S-11 block in the Santos Basin, 155 miles (250 kilometers) from the southern coast of Rio de Janeiro. Petrobras serves as the operator, holding a 65% interest in the field. British BG Group holds 25%, and Portugal’s Galp Energia holds the remaining 10%.

Apr. 2010 - Technip will supply infield lines for the Tupi field's pilot system. The scope of work includes the engineering, procurement, manufacturing and supply of 56 miles (90 kilometers) of risers and flowlines for water injection, oil production, gas lift and carbon dioxide re-injection. The flexible pipes will be manufactured at Technip's plant in Vitoria, Brazil, with the support of the plant in Le Trait, France. Pipe delivery is scheduled to commence towards the end of 2010 and be completed by the end of 2012. Tupi is located in Block BM-S-11 in the Santos Basin, roughly 155 miles (250 kilometers) from the southern coast of Rio de Janeiro. Petrobras serves as the operator, holding a 65% interest in the field.

Apr. 2010 - Petrobras plans to drill at least 15 wells on the Tupi field by the end of 2010, reported Dow Jones. Under the terms of the field's operating concession, the operator must complete drilling and declare the field commercially viable by December 31. So far, five successful wells have been drilled, placing the estimated recoverable reserves in the amount of 5 to 8 billion barrels of oil equivalent. The first step in the field's development is to implement a pilot production project, and currently, an extended well test is being performed. Tupi is located in Block BM-S-11 in the Santos Basin, 155 miles (250 kilometers) from the southern coast of Rio de Janeiro.

Apr. 2010 - Petrobras completed the drilling of another well in the Tupi area, confirming the potential of the pre-salt reservoirs of the field. Drilled by the West Taurus semisub, the 3-BRSA-795-RJS well, known as Tupi OW, reinforced Tupi holds an estimated 5 to 8 billion barrels of recoverable light oil and natural gas. The discovery was proven when light oil samplings were collected via a cable test from reservoirs located at depths greater than those of previously drilled wells. Located in the Tupi Evaluation Plan, the Tupi OW well lies roughly 8 miles (12.5 kilometers) north of the discovery well. Tupi is situated in Block BM-S-11 in the Santos Basin, 155 miles (250 kilometers) from the southern coast of Rio de Janeiro.

Mar. 2010 - Formation testing of well 3-RJS-662A in the Tupi Assessment Area was completed, confirming a high level of productivity from the carbonate reservoirs of the pre-salt layer. The formation test, which was limited by the capacity of the testing equipment, measured a flow rate of roughly 5,000 bopd of light oil (approximately 28 degree API). The well is estimated to produce 30,000 bopd, further confirming the area's high production capacity. Tupi's northeast appraisal well is located 11 miles (18 kilometers) northeast of the discovery well in 6,939 feet (2,115 meters) of water on the BM-S-11 Block. Petrobras serves as the operator, holding a 65% interest in the field.

Feb. 2010 - Petrobras reiterated its Tupi estimate of 5-8 billion barrels of recoverable oil, and the extended well test, which began in May 2009 to collect technical information for the field's development, is continuing as planned. Upon conclusion of the test, Petrobras will have a better understanding of how to best develop the field. Discovered in July 2006, Tupi is Brazil’s largest discovery to date, located in Block BM-S-11 in the Santos Basin, 155 miles (250 kilometers) from the southern coast of Rio de Janeiro.

Nov. 2009 - As much as 40 Tcf of natural gas is expected to be redeemed from the Tupi, Iara and Guara oil fields offshore Brazil, according to estimates from BG Group. The three discoveries are touted to be some of the largest oil finds in the world, and are estimated to hold between 9.1 billion and 14 billion barrels of oil equivalent. Currently, the operator is analyzing how to best monetize the reserves with one option being to convert gas reserves into LNG.

Nov. 2009 - The Petrobras-operated Tupi field is estimated to contain roughly 5 to 8 billion barrels of recoverable light oil and natural gas in the pre-salt reservoirs of the field. A fourth well was recently completed on the field, encountering 820 feet (250 meters) of reservoir thickness, discovering light oil at a depth of 16,076 feet (4,900 meters). Formation testing and the drilling of additional wells in the area are expected to begin soon. Discovered in July 2006, Tupi is Brazil’s largest discovery to date, located in Block BM-S-11 in the Santos Basin, 155 miles (250 kilometers) from the southern coast of Rio de Janeiro.

Jul. 2009 - BG Group said Wednesday it is making steady progress with operator Petrobras in the development of the large Tupi oil field discovered offshore Brazil. The FPSO for Tupi is 33% complete, and orders have been placed for other essential equipment while three drilling rigs were secured to bring the well into commercial production in 2010. An extended well test on Tupi, which peaked at 14,800 bopd, was temporarily suspended to conduct some routine maintenance.

Jul. 2009 - Petrobras' development of the deepwater Tupi field will remain on schedule despite equipment problems announced last week. Petrobras said previously that it had detected an equipment problem with its well at the Tupi field in the Santos Basin's Sub-Salt area, which resulted in a three- to four-month interruption of an extended test. Despite the delay, Petrobras expects the project to begin operation in the fourth quarter of 2010, with production of 100,000 barrels per day.

Jul. 2009 - Petrobras detected a technical problem at a well in the Tupi area in the Santos Basin's Sub-Salt Cluster, which has resulted in a temporary interruption of an extended test. The company detected a manufacturing issue with fixation bolts used in the Wet Christmas Tree at well 3-RJS-646. The well was closed for the operation to be carried out, and the extended well tests will continue after the replacement is completed. Tupi is in the Santos Basin's BM-S-11 block offshore Brazil in 7,021 feet (2,140 meters) of water.

Jun. 2009 - Petrobras expects to bring up to four more drilling rigs to a prospect in the offshore Santos Basin in the second half of the year. The rigs will be used to complete studies of Tupi, as well as other subsalt drill targets, and will also "attack" areas in the subsalt region in the Santos Basin, which is home to the Tupi field. Discovered in July 2006, Tupi is Brazil’s largest discovery to date, located in block BM-S-11 in the Santos Basin, 155 miles (250 kilometers) from the southern coast of Rio de Janeiro.

Jun. 2009 - Petrobras announced that drilling of an additional well in the Tupi area has further confirmed estimates of a potential 5 to 8 billion barrels of recoverable light oil and natural gas in the pre-salt layers. The third well, 4-BRSA-711-RJS, is located 21 miles (33 kilometers) to the Northeast of the Tupi first well, 1-RJS-628, and indicated similar oil type and quality reservoirs, supporting the original estimates of the area. Drilled by Seadrill's West Taurus semisub, the appraisal well is located about 155 miles (250 kilometers) off the coast of the state of Rio de Janeiro at a water depth of 7,251 feet (2,210 meters), following the Tupi Evaluation Plan.

May. 2009 - COSCO secured a contract to convert an VLCC tanker, Sunrise IV, to an FPSO vessel for MODEC. The conversion contract involves repair and conversion of the vessel to an FPSO including topside integration and commissioning. The FPSO is designed to operate for 20 years without dry-docking and it will have a production capacity of 16,000 bopd, 176 MMcf/d (5 MMcm/d), and a storage capacity of 1,600,000 barrels of oil. The FPSO is scheduled to be re-delivered to MODEC around mid-2010 and for deployment in the Petrobras' Tupi oil field, near Brazil in water depths of 7,218 to 8,203 feet (2,200 and 2,500 meters).

May. 2009 - The FPSO BW Cidade de Sao Vicente begins operations on the Tupi field on Block BM-S-11 offshore Brazil. The FPSO is performing an extended well test on the Petrobras-operated Tupi well 1-RJS-646, at a water depth of 7,021 feet (2,140 meters), to collect technical information for the development of the pre-salt reservoirs. The EWT is expected to last 15 months, during which production tests will be performed on the Tupi Sul well and on the Tupi-1 production well. The FPSO installed for the EWT will be connected to two wells, testing the well 1-RJS 646 in the first nine months and the second well 9-RJS 660 in the remaining six months.

Jan. 2009 - BG Group PLC will invest $4 billion over the next three years as part of the company's share to develop Brazil's promising Tupi oil field, a Rio de Janeiro state official said Monday.