Illustration; Source: Petrobras
The company’s new procurement process for constructing up to two FPSO units for the Sergipe Deep Waters Project (SEAP) in the Sergipe Alagoas Basin will employ the build-operate-transfer (BOT) model, where the contractor is in charge of the design, construction, assembly, and operation of the asset for an initial period defined by a contract.
However, the operation will subsequently be transferred to Petrobras, which explains that the procurement process includes the bidding for one firm unit for SEAP 2 and an option to acquire a second similar FPSO, with a planned application for SEAP 1. The firm unit is expected to begin operations at the SEAP 2 project in 2030.
The Brazilian energy giant elaborated: “The choice of the BOT model reflects Petrobras’ strategy to explore new FPSO procurement models. This approach aims to provide financing solutions for oil and gas projects, considering that the unit will be owned by Petrobras, and to enable the start of production for projects as quickly as possible.
“In this way, the company seeks to ensure the benefits brought by new projects to Brazilian society and a return on investment for its shareholders. Petrobras remains committed to making every effort to develop these projects economically, considering that these units are strategic for increasing the availability of domestic gas and opening a new production frontier in the Northeast region of Brazil.”
Based on its 2025-2029 Business Plan, the Brazilian energy giant will maintain important investments in the state of Sergipe by contracting two FPSOs for the Sergipe deepwater area, with a production capacity of up to 120,000 barrels per day each, and the construction of a gas pipeline with a capacity of 18 million cubic meters a day.
Aside from the capacity to process 120,000 barrels of oil per day (bpd), the units will be able to handle up to 12 million cubic meters of gas per day, with the gas specified and exported directly for sale without the need for additional onshore treatment.
The SEAP 1 project encompasses the reservoirs belonging to the Agulhinha, Agulhinha Oeste, Cavala, and Palombeta fields in the BM-SEAL-10 concession, owned by Petrobras, and BM-SEAL-11 where the firm holds a 60% stake and its partner, IBV Brasil Petróleo, the remaining 40% interest.
On the other hand, the SEAP 2 project entails reservoirs belonging to the Budião, Budião Noroeste, and Budião Sudeste fields in the BM-SEAL-4 concession, owned by Petrobras (75%) and ONGC Campos Limitada (25%), BM-SEAL-4A, and BM-SEAL-10, both owned by the Brazilian state-owned player.
The FPSO procurement process came shortly after Petrobras started the opportunity disclosure stage to sell its working interest in a producing shallow water field in the Sergipe Alagoas Basin off the coast of Brazil.
The company is also busy with upcoming projects, as illustrated by a ceremony held last month to mark the start of construction for the firm’s new FPSO at the CIMC Raffles Offshore’s Yantai shipyard in China.
