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…
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
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