Fossil Energy – SEAP I Project
Petrobras has made the final investment decision (FID) for the SEAP I project in the Sergipe-Alagoas Basin, thereby advancing the development of the Sergipe Deepwater (SEAP) project — a new frontier for oil and gas in Brazil.
This follows the approval of the SEAP II module in December 2025, and both projects are expected to require total investments exceeding $12 billion (60 billion reais), delivering more than 1 billion barrels of oil equivalent.
Petrobras stated that the project’s feasibility was supported by optimisations and revised contractual terms agreed with suppliers. These improvements have enhanced economic returns and enabled both modules to achieve a positive net present value across all corporate scenarios.
These improvements have also enabled Petrobras to negotiate the construction of two floating production, storage and offloading (FPSO) units, P-81 and P-87, simultaneously, capturing synergies and economies of scale.
SBM Offshore will be responsible for constructing both units under a build, operate and transfer model. Contracts are expected to be signed in May 2026, pending governance procedures and partner approvals.
The two FPSOs will have a combined production capacity of up to 240,000 barrels of oil per day and will be able to process 22 million cubic metres of natural gas daily.
Production from SEAP II is scheduled to begin in 2030, with gas exports set to start the following year. Meanwhile, production from SEAP I is not expected to begin until beyond the 2026–2030 horizon of Petrobras’ business plan.
The development will include drilling and interconnecting 32 wells, as well as installing a 134 km gas export pipeline (including 111 km offshore and 23 km onshore).
SEAP I will target light oil reservoirs in the Agulhinha, Agulhinha Oeste and Palombeta fields within the BM-SEAL-10 and BM-SEAL-11 concessions. Petrobras operates BM-SEAL-11 alongside IBV Brasil Petróleo with a 60% stake, and holds 100% of BM-SEAL-10.
SEAP II will develop light oil reservoirs in the Budião, Budião Noroeste and Palombeta fields across BM-SEAL-4, BM-SEAL-4A and BM-SEAL-10. Petrobras operates BM-SEAL-4 with a 75% stake alongside ONGC Campos Limitada, and holds full ownership of the other licences.
Petrobras has stated that this project is crucial for enhancing Brazil’s natural gas supply, bolstering its energy infrastructure, and establishing a new production frontier in the country’s north-east.
