BW Offshore has signed an agreement with Petrorio for a one year extension for the lease and operation of the FPSO Polvo.
According to BW Offshore, the firm period has been extended to Q3 2016 (from Q3 2015), with options until Q3 2022.
The FPSO Polvo, which first arrived on station in 2007, is capable of handling a daily oil production of 90,000 barrels of oil per day (bopd) and having a storage capacity of 1.6 million barrels.
The Polvo field, discovered in 2004, is located in permit BM-C-8 in the southern part of Campos basin, approximately 100 kilometers offshore Rio de Janeiro, in water depths of around 99 meters.
The Polvo oil field is owned by HRT (operator, 60%) and Maersk (40%).