Petrobras Launches FPSO Bid for Sergipe

Source: Petrobras

Petrobras has initiated a new contracting process for the construction of up to two FPSO-type oil production units for the Sergipe Deep Waters (SEAP) project in the Sergipe-Alagoas Basin.

The contracting method will be Build, Operate and Transfer (BOT), in which the contractor is responsible for the design, construction, assembly and operation of the asset for an initial period defined in the contract. Operation will subsequently be transferred to Petrobras.

The process includes the bidding process for a firm unit for SEAP 2 and an option to purchase a second similar FPSO, expected to be applied to SEAP 1. The firm unit (SEAP 2) is expected to start operating in 2030. The units will have the capacity to process 120,000 barrels per day (bpd) of oil and up to 12 million m3 of gas per day, with the gas being specified and exported directly for sale, without the need for additional treatment on land.

The choice of the BOT modality is the result of Petrobras' strategy of seeking new FPSO contracting models. This approach aims to provide a financing solution for oil and gas projects, considering that the unit will be owned by Petrobras, in addition to enabling the start of production of the projects in the shortest possible time. In this way, the company seeks to guarantee benefits brought by new projects to Brazilian society and a return on investment for its shareholders.

The SEAP 1 project covers the deposits belonging to the Agulhinha, Agulhinha Oeste, Cavala and Palombeta fields, located in the BM-SEAL-10 (100% Petrobras) and BM-SEAL-11 (60% Petrobras and 40% IBV Brasil Petróleo LTDA) concessions. 

The SEAP 2 project covers deposits belonging to the Budião, Budião Noroeste and Budião Sudeste fields, located in the concessions BM-SEAL-4 (75% Petrobras and 25% ONGC Campos Limitada), BM[1]SEAL-4A (100% Petrobras) and BM-SEAL-10 (100% Petrobras).