Excelerate Energy, Petrobras Sign Decade-Long Charter for Regasification Unit

Excelerate Energy and Petroleo Brasileiro S.A. (Petrobras) have announced the signing of a 10-year charter contract for the floating storage and regasification unit (FSRU) called Sequoia. The time charter party and operation and services agreement takes effect on Jan. 1, 2024, giving Excelerate the opportunity to deploy the Sequoia for regasification purposes at the Bahia Regasification Terminal (TR-BA) in Salvador, Brazil.

“This agreement is an important step in furthering Excelerate’s long-term sustainable growth plan in South America,” said Steven Kobos, President and Chief Executive Officer of Excelerate. “Deploying the Sequoia for 10 more years will position Excelerate well to support Brazil’s efforts to strengthen its energy security. We have been a partner to Petrobras for more than a decade, and we are committed to maintaining that partnership and supporting the energy transition for all Brazilians.”

The charter agreement extends Excelerate’s regasification services with Petrobras LNG import terminals and, in addition to the Sequoia deployment, FSRU Experience has been providing regasification services at Brazilian terminals. Excelerate will utilize its regasification fleet to provide energy security to the Brazilian market, which derives an approximate 85% of its energy system from renewable sources.