Brazilian state-owned energy giant Petrobras has made a final investment decision (FID) for another development project in the Sergipe Alagoas Basin offshore Brazil. Dutch giant SBM Offshore is taking charge of two floating production, storage and offloading (FPSO) vessels that will enable production from the two approved projects, paving the way for new frontiers of oil and gas production in the country.
About four months later FID detection to SEAP II Unit In December 2025, Petrobras revealed the final investment decision for SEAP I Project in the Sergipe-Alagoas Basin, to promote development Sergipe Deepwater (SEAP).
Exceeding the total investment 60 billion Brazilian reals (about $12.02 billion)The two projects are expected to produce more than one billion barrels of oil equivalent, which represents significant economic returns for the company and contributes significantly to increasing the national production of oil and gas.
The company claims that the feasibility of the projects resulted from a series of initiatives undertaken in collaboration with the supplier market, in particular project optimization and review of contractual terms and conditions, which resulted in increased economic attractiveness for both units.
This is said to have enabled the structuring of joint negotiations on the FPSO P-81 and P-87 The units, which will be part of the SEAP I and SEAP II projects, respectively, allowing significant synergies and economies of scale to be obtained, which is essential to conclude the negotiations on economically sustainable terms.
“The conditions achieved increased the financial return of the projects and enabled the inclusion of the Sustainable Energy Action Plan (SEAP I) in the core implementation portfolio. This result reinforces the importance of partnership and active engagement between the company and the supplier market as essential elements for project viability, even in a context structurally characterized by oil price volatility.“,” Petrobras highlighted.
The Brazilian giant has contracted for the construction of two FPSOs for the SEAP project, under a build-operate-transfer (BOT) contracting model, where the contractor is responsible for the design, construction, assembly and operation of the asset for an initial period specified in the contract, with subsequent transfer to the oil and gas operator.
As a result, the contracts are expected to be signed in May 2026, after completing Petrobras’ governance procedures and obtaining the necessary partner approvals. The company confirms this SBM Abroad He will be responsible for building both platforms, which together will have a combined capacity to produce up to 240,000 barrels of oil per day and process 22 million cubic meters of natural gas per day.
Apart from the two FPSOs, the project includes the construction and connection of 32 wells, as well as the implementation of an export gas pipeline with a length of approximately 134 km – 111 km offshore and 23 km onshore. The bidding process for the supply of subsea Christmas trees (WCTs) and equipment for both projects is already underway.
Tenders for the remaining infrastructure are expected to begin later in 2026. While oil production from the SEAP II project is scheduled to begin in 2030, with gas exports starting in 2031, production from SEAP I is expected to begin beyond the 2026-30 business plan horizon. The SEAP I project covers light oil tanks considered to be of high quality and owned by Small needle, Agulinha Oestiand Palombita Fields located in concessions BM-SEAL-10 and BM-SEAL-11.
Petrobras is the operator of BM-SEAL-11 with a 60% share, in partnership with IBV Brasil Petróleo (40%), and BM-SEAL-10 with a 100% share. The project’s FPSO will have the capacity to produce 120,000 barrels of oil per day and process 10 million cubic meters of natural gas per day.
The SEAP II project includes tanks containing light oil, which is considered high-quality and owned by the company Budiao, Budiao norwesti, and Palombita The fields are located approximately 80 km offshore in the BM-SEAL-4, BM-SEAL-4A and BM-SEAL-10 concessions, respectively.
Petrobras is the operator of BM-SEAL-4 with a 75% stake, in partnership with ONGC Campos (25%), BM-SEAL-4A and BM-SEAL-10, in which it holds a 100% stake. The FPSO to be deployed will have a daily processing capacity of 120,000 barrels of oil and 12 million cubic meters of gas.
“The Sustainable Energy Action Plan is a strategy to increase the availability of natural gas in the country, strengthen the national energy infrastructure, and open new production frontiers in the northeastern region.“,” The state-owned Brazilian giant confirmed.
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