Brazilian state-owned giant Petrobras has approved the final investment decision for the SEAP I project in the Sergipe-Alagoas Basin, consolidating the development of the Sergipe Deepwater project (SEAP), a new oil and gas production frontier in the country. Petrobras revised several contractual terms and conditions enabling the structuring of joint negotiations for the P-81 and P-87 FPSO units, which will integrate the SEAP I and SEAP II projects, respectively. The conditions achieved increased the projects’ financial returns and enabled the inclusion of SEAP I in the base implementation portfolio. The signing of the contracts is scheduled for May 2026, after the governance stages are completed and approvals are obtained from the partners. This milestone accelerates the project execution phase. SBM Offshore will be responsible for building the two platforms, which together will have an installed capacity to produce up to 240,000 barrels of oil per day and process 22m cu m of natural gas per day. Oil production is scheduled to begin in 2030, with gas exports starting in 2031. The contracting model adopted for both platforms is Build, Operate, and Transfer (BOT), in which the contractor is responsible for the design, construction, assembly and operation of the units for an initial period defined in the contract, with subsequent transfer to Petrobras. “The choice of the BOT contracting model contributed to enabling the start of production in less time,” said Renata Baruzzi, Petrobras director of engineering, technology, and innovation. With total investments exceeding 60bn reais (approximately $12bn), the two projects are expected to produce more than 1bn boe, delivering significant economic returns for Petrobras and contributing to increased national oil and gas production. SEAP is strategic for expanding natural gas availability in the country, strengthening the national energy infrastructure, and opening a new production frontier in the Northeast region. In addition to the two FPSOs, the project includes the construction and interconnection of 32 wells, as well as the implementation of a gas pipeline approximately 134 km long, with 111 km offshore and 23 km onshore. The bidding process for the supply of underwater Xmas trees and subsea equipment for the two projects is already underway, and the bidding process for the remaining infrastructure is expected to begin in 2026. The SEAP I project encompasses light oil deposits considered of good quality in the Agulhinha, Agulhinha Oeste, and Palombeta fields. This unit will have the capacity to produce 120,000 barrels of oil per day and process 10m cu m of natural gas per day. The SEAP II project encompasses deposits of light oil considered of good quality in the Budião, Budião Noroeste, and Palombeta fields, located approximately 80 km offshore. This unit will have a daily processing capacity of 120,000 barrels of oil and 12m cu m of gas. The FID for the SEAP II module had already been approved in December 2025. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsBrazil Netherlands