Petrobras, Excelerate ink Bahia LNG lease deal

Brazil’s state-owned energy firm Petrobras and Texas-based floating LNG player Excelerate Energy have signed the previously announced lease deal for the Bahia LNG terminal.

Petrobras said in a statement on Tuesday the deal has a price tag of 102 million reais ($18.7 million).

The lease contract includes the Bahia LNG regasification terminal and associated
facilities and it is effective until December 2023.

“The initiative is an important step in the process of opening and increasing the competitiveness of the natural gas segment in Brazil,” Petrobras said.

With the conclusion of the negotiation, Excelerate is seeking, with the support of Petrobras, the transfer of the licenses and authorizations necessary for the operation of a new FSRU at the facility.

As soon as the new company is able to operate, Petrobras said it would move the current regasification vessel from Bahia to the Pecem LNG regasification terminal in Ceara.

Excelerate said in August it would start importing liquefied natural gas via Brazil’s Bahia terminal following a tender process with Petrobras.

Also, the firm said it would deploy one of its existing FSRUs for service at the Bahia terminal.

The terminal’s capacity allows for regasification of up to 700 MMcf/d and includes a 45km pipeline with connections to two delivery points in the city of Salvador.

Excelerate has provided regasification services in Brazil since 2012, operating at Petrobras’ LNG terminals in Bahia, Guanabara Bay, and Pecem.

In September 2020, Excelerate’s FSRU Experience broke an industry record for send-out capacity by reaching 1.06 billion cubic feet at the Guanabara Bay LNG regasification terminal.

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