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The end of 2024 promises to be busy for the offshore platform ship (FPSO) market, with Petrobras announcing plans to launch the FPSO bidding process for the Sergipe Águas Profundas project and the Albacora field, both of which have the potential to boost domestic production. According to Petrobras' Director of Engineering, Technology and Innovation, Renata Baruzzi, the FPSO bidding process for the SEAP-1 and SEAP-2 projects will be formalized by December, if the approval of the partner companies of the Sergipe consortium is positive.
Petrobras is determined to move forward with the bidding process for FPSOs for the Sergipe Deep Waters projects (SEAP 1 and 2). In a recent interview, Renata Baruzzi highlighted that the company has already submitted proposals to the consortium partners, and, once approved, the bidding process for the FPSOs will begin by the end of the year. These FPSOs, known as SEAP-1 and SEAP-2, encompass important deposits in the Agulhinha, Cavala and Palombeta fields, and are essential for Petrobras’ operations in the BM-SEAL-10 and BM-SEAL-11 concessions, where the company holds between 60% and 100% stakes.
A expectation for the start of production of these units will be detailed on November 22, when Petrobras will release its new strategic plan. The company has already tried, unsuccessfully, to contract FPSOs for SEAP in two previous attempts, according to PetroNotícias, but now there is speculation that Petrobras will opt for the BOT (build, operate and transfer) model to make the FPSO bidding process viable.
Albacora and new possibilities for Petrobras in the Campos Basin
In addition to the project in Sergipe, Petrobras is about to open a bidding process for an FPSO unit for the Albacora field, in the Campos Basin. The project aims to replace the current production structure, currently operated by the P-25 and P-31 platforms. Located approximately 110 km from Cabo de São Tomé, on the northern coast of Rio de Janeiro, the Albacora field is one of Petrobras' main assets. The challenge lies in reaching a new contracting agreement after previous attempts failed due to contractual disagreements.
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For the Barracuda-Caratinga field, also in the Campos Basin, the hiring process is already in the evaluation phase, with proposals being analyzed by Petrobras. These moves are part of a broader strategy by the company to modernize and expand its production infrastructure in deep and ultra-deep waters.
Challenges and international collaboration
Renata Baruzzi also highlighted that Petrobras is in talks with the supplier industry to overcome the financing challenges that have affected new projects. To attract international investors, Petrobras has been adjusting its cash flow and contractual models, creating better conditions to facilitate the participation of foreign companies.
Recently, Baruzzi and Petrobras CEO Magda Chambriard were in Asia to discuss partnerships with companies interested in operating in Brazil. Many of these companies already have Memorandums of Understanding (MOUs) with local companies, reinforcing Petrobras' commitment to strengthening the national industry in the construction of new platforms.
Petrobras' decision to move forward with the bidding for the FPSOs for Sergipe Águas Profundas and Albacora signals a strategic moment for expansion of its production capacity. With the potential entry of international companies and the BOT model, Petrobras seeks to consolidate its role in the global FPSO market and ensure the financial sustainability of deepwater projects.
