Petrobras has signed contracts with SBM Offshore for two FPSOs with a combined capacity of 240,000 barrels of oil per day, anchoring more than R$ 60 billion (about $12 billion) in investment in the Sergipe-Alagoas Basin off Brazil's northeast coast.

The deals, struck under the build, operate, and transfer (BOT) model, cover the FPSOs P-81 and P-87 for the Sergipe Deepwater (SEAP) development. Petrobras will own the units, while the Dutch contractor handles design, construction, assembly, and operation and maintenance for an initial period of 6.5 years.

The contracts follow Petrobras's final investment decision on SEAP I, disclosed almost four months after the SEAP II FID in December 2025. Together the two sanctioned projects are expected to recover more than 1 billion barrels of oil equivalent.

What does each FPSO deliver?

• FPSO P-87 (SEAP II): 120,000 bpd of oil capacity and 12 million cubic meters per day of natural gas processing. First oil is scheduled for 2030, with gas exports starting in 2031.
• FPSO P-81 (SEAP I): 120,000 bpd of oil capacity and 10 million cubic meters per day of gas processing. Production start is set for 2031.

Both projects target reservoirs of light, high-quality oil and non-associated gas with low contaminant content.

Where do the units sit?

SEAP II lies about 80 kilometers offshore across the BM-SEAL-4, BM-SEAL-4A, and BM-SEAL-10 concessions. Petrobras operates BM-SEAL-4 with a 75% stake alongside ONGC Campos Limitada (25%) and holds 100% of BM-SEAL-4A and BM-SEAL-10.

SEAP I sits roughly 100 kilometers offshore in the BM-SEAL-11 and BM-SEAL-10 concessions. Petrobras operates BM-SEAL-11 at 60% with partner IBV Brasil Petróleo (40%) and owns BM-SEAL-10 outright.

How will the gas reach shore?

Both FPSOs will tie into a production offloading gas pipeline approximately 134 kilometers long — 111 kilometers offshore and 23 kilometers onshore — aimed at expanding natural gas availability in Brazil and strengthening energy security.

Petrobras frames the pair as a significant economic return and a relevant contribution to raising national oil and gas output, opening a new hydrocarbon production frontier in the country's Northeast region.

The watch items: first oil from P-87 in 2030 and first gas exports in 2031, followed by P-81 startup in 2031.