Petrobras Makes FID for Brazil’s Deepwater Scheme, Picks SBM Offshore for FPSOs
Petrobras has made the final investment decision (FID) for the SEAP I project in the Sergipe-Alagoas Basin, advancing development of the Sergipe Deepwater (SEAP) project, a new oil and gas frontier in Brazil.
The approval follows the sanctioning of the SEAP II module in December 2025, with both projects expected to require total investments exceeding $12 million (60 billion reais) and deliver more than 1 billion barrels of oil equivalent.
Petrobras said project feasibility was supported by optimizations and revised contractual terms agreed with suppliers, improving economic returns and enabling both modules to achieve positive net present value across all corporate scenarios.
The company said these improvements allowed a joint negotiation for two floating production, storage and offloading (FPSO) units, P-81 and P-87, which will be deployed on SEAP I and SEAP II respectively, capturing synergies and economies of scale.
SBM Offshore will be responsible for the construction of both units under a build, operate and transfer model, with contracts expected to be signed in May 2026 following governance procedures and partner approvals.
The two FPSOs will have a combined capacity to produce up to 240,000 barrels of oil per day and process 22 million cubic metres of natural gas daily.
Production from SEAP II is scheduled to begin in 2030, with gas exports starting in 2031, while production from SEAP I is expected beyond Petrobras’ 2026–2030 business plan horizon.
The development will include the drilling and interconnection of 32 wells and the installation of a gas export pipeline of about 134 km, including 111 km offshore and 23 km onshore.
SEAP I will target light oil reservoirs in the Agulhinha, Agulhinha Oeste and Palombeta fields in the BM-SEAL-10 and BM-SEAL-11 concessions. Petrobras operates BM-SEAL-11 with a 60% stake alongside IBV Brasil Petróleo, and holds 100% of BM-SEAL-10.
SEAP II will develop light oil reservoirs in the Budião, Budião Noroeste and Palombeta fields across BM-SEAL-4, BM-SEAL-4A and BM-SEAL-10. Petrobras operates BM-SEAL-4 with a 75% stake alongside ONGC Campos Limitada and holds full ownership in the other licences.
Petrobras said the project is strategic for increasing natural gas availability in Brazil, strengthening energy infrastructure and opening a new production frontier in the country’s northeast.