FPSO P.P. Moraes - Project Management And Economic - Financial Analysis
Authors: Leite Agenor C.J. , Karrer Eduardo , Sanches Luiz C.C. , Victer Wagner  G. 
Published: October 2008

1.ABSTRACT
The purpose of this paper is to present the experience acquired by PETROBRAS in the bid phase management for adaptation of the tanker President Prudente de Moraes, so called P.P. Moraes, to be turned into an F.P.S.O. (Floating Production Storage and Offloading) turret system unit for the Barracuda Field Pilot System in Rio de Janeiro?s Campos Basin, Brazil. It also deals with the main challenges faced and the philosophy that will be leading this project to achieve certain records in the international petroleum industry, such asAnchored turret F.P.S.O. in deepest water (840m);Largest number of associated risers (34 lines).

2.PETROBRAS PRIOR EXPERIENCE IN FPSO TYPE SYSTEMS
The company?s previous experience with the operation and adoption of production systems of this type was acquired with the same vessel P.P. Moraes, which operated eight years in the Provisional Garoupa System, and was subsequently transferred to the Albacora field, also located in Campos Basin, in Riode Janeiro State.
For production at the latter field, the P.P. Moraes was fitted with a Calm Yoke System, with monobuoy, and was operated in 220 meters? depth of water, with installation of a process plant sized to handle 60,000 bopd and 400,000 Nm /d gas export, connected to two subsea production manifolds and receiving the production of fourteen different wells. The System operated in the latter field for six years with a 96°A performance index.

3. SELECTION OF THE FPSO SYSTEM WITH TURRET FOR THE BARRACUDA PILOT SYSTEM
In April, 1993, PETROBRAS completed its first technical and economic feasibility study on the Barracuda Pilot System, where a number of different alternatives were evaluated including semisubmersible units and production vessels.
The most attractive solution for the development of that field was felt to be the installation of a Pilot Production System, followed by establishment of definitive production system. The Pilot Production System then proposed will be operating for five years, after which it will be replaced by a definitive production system, intended to handle the overall development of the field.
The Barracuda Pilot System, in addition to providing short-term production gains, will afford an opportunity to extend current knowledge on the reservoir, making it possible to set up a more appropriate definitive production system.
The project was approved at the time, adopting as a Stationary Production Unit, the President Prudente de Moraes vessel, which needed to be repaired andadapted so as to operate with a turret type anchorage system.

4. MAIN FEATURES OF P.P. MORAES
This vessel was built at the VEROLME shipyard in theNetherlands in 1959, one of a series of four units, rated33,000 tdw, being jurnboized in Japan in 1974, at the Mitsubishi Heavy Industries shipyard, to upgrade it to !32.000 tdw. Its main characteristics areas follows:
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Nowadays the P.P. Moraes displays some particular aspects worthy of note, such as:Inertization of the cargo tanks using natural gas from the processing plant;Washing out of cargo tanks with hot water