[Brazil] Sergipe Deepwater Project (SEAP)

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Petrobras has informed that it has started the contracting process for the chartering of two platform vessels for the Sergipe Deepwater Project (SEAP), in the Sergipe-Alagoas Basin, about 100 km off the coast.

The original BOT (Build-Operate-Transfer) scheme has been replaced with a more competitive EPCI, Lease, O&M model, which could attract more bids submission by numerous FPSO contractors worldwide.

The FPSO, each (SEAP I and SEAP II) will have the capacity to process up to 120 thousand barrels of oil per day (bpd). The oil in the region is light, considered to be of good quality, between 38 and 41 degrees API - and, therefore, of higher commercial value. Together, the two units will have the potential to offer up to 18 million cubic meters of gas per day.

The SEAP I project covers the fields of Agulhinha, Agulhinha Oeste, Cavala, and Palombeta, located in the BM-SEAL-10 and BM-SEAL-11 concessions. Petrobras is the operator of the BM-SEAL-11 concessions - with 60% stakes, in partnership with IBV BRASIL PETRÓLEO Ltda (40%) - and BM-SEAL-10, where it holds 100% stakes.

The SEAP II project on the other hand covers reservoirs belonging to the Budião, Budião Noroeste, and Budião Sudeste fields, located in the BM-SEAL-4, BM-SEAL-4A, and BM-SEAL-10 concessions, respectively. Petrobras is the operator of concessions BM-SEAL-4 - with 75% stakes in partnership with ONGC Campos Ltda. (25%) - and BM-SEAL-4A and BM-SEAL-10, where it holds 100% stakes.

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Petrobras Greenlights Investment for SEAP II Project Development

Petrobras has officially approved the Final Investment Decision (FID) for the Sergipe Deep Waters Module 2 (SEAP II) project in the Sergipe-Alagoas Basin. This project is pivotal for increasing domestic gas production and unlocking a new frontier for energy development in Brazil's Northeast region.

The SEAP II project involves the exploration of light oil deposits, with high-quality oil ranging between 38 and 41 degrees API. These deposits are located in the Budião, Budião Northwest, and Budião Southeast fields, about 80 km offshore within the BM-SEAL-4, BM-SEAL-4A, and BM-SEAL-10 concessions. Petrobras operates the BM-SEAL-4 concession with a 75% stake, in partnership with ONGC Campos Limitada (25%). It also holds full ownership (100%) of the BM-SEAL-4A and BM-SEAL-10 concessions.

As part of the project’s development, Petrobras will contract an FPSO (Floating Production, Storage, and Offloading unit) under the Build, Operate, and Transfer (BOT) model. This unit will have a production capacity of 120,000 barrels of oil per day (bpd) and 12 million m³ of gas per day. Negotiations for the FPSO are expected to conclude by mid-2026, with first oil production anticipated in 2030, in line with Petrobras' 2026-2030 Business Plan.

SEAP I and Expansion of Deep-Water Development

In addition to SEAP II, Petrobras is advancing the SEAP I project, which involves deposits from the Agulhinha, Agulhinha Oeste, Cavala, and Palombeta fields, located within the BM-SEAL-10 and BM-SEAL-11 concessions. Petrobras operates the BM-SEAL-11 concession with a 60% stake, partnered with IBV Brasil Petróleo LTDA (40%), and holds full control over BM-SEAL-10.

New Investment Opportunities

These projects represent a significant opportunity for both the energy sector and the states of Sergipe and Alagoas. With an estimated potential output of up to 18 million m³ of gas per day, the projects are expected to generate new avenues for investment. Furthermore, the SEAP projects will push technological boundaries, including the implementation of deep-water production in depths exceeding 2500 meters—reaching up to 3000 meters—leveraging cutting-edge innovations in the energy field.