MODEC Secures 20-Year Contract for Shell's Gato do Mato FPSO in Brazil

MODEC has secured a significant contract with Shell for the Gato do Mato project in Brazil, which includes a Purchase and Sales Agreement and a 20-year operations and maintenance contract for a Floating Production Storage and Offloading (FPSO) vessel. This marks MODEC's 19th FPSO project in Brazil and the second directly supplied to Shell. The FPSO is set to produce 120,000 barrels of oil per day and will be moored at approximately 2,000 meters deep, about 200 km from Rio de Janeiro. The project, located in the Santos Basin, is part of a consortium with Shell holding a 50% stake and partners Ecopetrol and TotalEnergies. Initial operations will involve gas reinjection to support reservoir pressure, with future plans to export gas to shore facilities. The FPSO Gato do Mato is expected to commence operations in 2029.