Petrobras has begun the procurement process for two FPSOs for the SEAP project, each having a processing capacity of 120,000 barrels of oil per day (bopd). Credit: Donatas Dabravolskas/Shutterstock.

Brazilian state-owned oil company Petrobras has commenced the procurement process for up to two FPSO units for the Sergipe Deep Waters (SEAP) project in the Sergipe-Alagoas Basin in Brazil.

The procurement process is being implemented in a build, operate and transfer (BOT) model, where the contractor will design, construct, assemble and operate the units before transferring operations to Petrobras.

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The process involves bidding for a firm unit designated for SEAP 2, with an option to procure a second similar FPSO for potential use in SEAP 1.

The SEAP 2 unit is expected to start operations in 2030.

Each unit will process 120,000bopd and up to 12 million cubic metres of gas daily, exporting gas directly for sale, eliminating the need for onshore processing.

Petrobras’ choice of the BOT model aligns with its strategy to explore new FPSO contracting methods.

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This approach aims to facilitate financing solutions for oil and gas projects and expedite project production, ensuring benefits to Brazilian society and delivering returns for shareholders.

The units will be owned by Petrobras, enhancing project efficiency.

The SEAP 1 project encompasses the Agulhinha, Agulhinha Oeste, Cavala and Palombeta fields within the BM-SEAL-10 and BM-SEAL-11 concessions.

Petrobras holds full ownership of BM-SEAL-10 and a 60% stake in BM-SEAL-11, with IBV Brasil Petroleo holding the remaining 40%.

SEAP 2 includes the Budiao, Budiao Noroeste and Budiao Sudeste fields in the BM-SEAL-4, BM-SEAL-4A and BM-SEAL-10 concessions.

Petrobras holds full ownership of BM-SEAL-4A and BM-SEAL-10 and a 75% stake in BM-SEAL-4, with ONGC Campos holding the remaining 25%.

In November 2024, Petrobras announced plans to distribute up to $55bn (331.96 reais) in dividends by 2029 as part of its five-year business strategy.

The company also revealed in a security filing the potential for an additional $10bn in extraordinary dividends during this period.

Furthermore, Petrobras approved the payment of 20bn reais in extraordinary dividends to shareholders.