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State-owned company studies technical and financial alternatives to resume production in mature fields with lower costs and environmental impact
Faced with the challenges of budget optimization in 2024, Petrobras began to consider, as an alternative, the reuse of deactivated platforms, such as P-35 and P-37. With this, the objective is to make the resumption of oil production in the Barracuda and Caratinga fields, located in the Campos Basin, on the coast of Rio de Janeiro. The measure gained strength especially after the cancellation of the bidding for a new FPSO, announced in January 2024, since the costs of the only valid proposal exceeded the estimated value. Also according to information from the newspaper Valor Econômico, the Indian company Shapoorji Pallonji Energy presented values that, although technically viable, were considered economically unfeasible by Petrobras.
Technical alternative emerged after strategy review in April 2024
With the interruption of the bidding process, the company then began to internally reassess alternatives that, in addition to being viable, would allow for a reduction in investments, but without compromising operational continuity. Therefore, the possibility of adapting units already belonging to the state-owned company was considered in April 2024, as revealed by the newspaper The Globe. At the same time, technical studies indicated that the modernization process would take approximately six months. This estimate was later confirmed by Petrobras' engineering department in May of the same year. Although BOT (Build, Operate and Transfer) contracting models were evaluated, they were discarded, mainly because they involved greater contractual complexity and, in addition, would generate additional costs.
The proposal is in line with the state-owned company's decommissioning plan
Petrobras continues to implement its 2024–2028 Strategic Plan, publicly presented in December 2023, which includes the planned decommissioning of offshore units. As part of this agenda, the state-owned company plans to invest US$9,9 billion by 2028, including the decommissioning of ten platforms. In addition, in February 2024, the National Petroleum Agency (ANP) approved financial guarantees of around R$72 billion to meet legal obligations in 127 fields. The reuse of its own structures thus aims to contribute to the balance between continuous production and environmental responsibility.
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Technical and financial criteria led to the cancellation of the tender
The bidding process, which began in October 2023, aimed to charter a new FPSO for the fields in question. However, the company considered the only offer received from Shapoorji Pallonji to be incompatible with its budget, as confirmed in January 2024. After attempts at negotiation, the state-owned company announced the definitive termination of the process in February 2024, prioritizing its own and more economical solutions. The team officially communicated the decision to the press in March 2024, based on technical feasibility and cost criteria.
Operational advantages of reuse are under technical evaluation
According to an internal technical note from Petrobras presented in April 2024, the adaptation of the P-35 and P-37 platforms could bring direct operational benefits. Among the main points evaluated are the possibility of using structures that have already been decommissioned, reducing construction or chartering costs, reducing the time needed to resume operations and mitigating environmental impact. The EPBR Agency reported that technical consultants are monitoring the process and assessing the viability of the plan as part of the revitalization of the Campos Basin.
Production context in Barracuda and Caratinga
The Barracuda and Caratinga fields, in operation since 2004, are among the most mature in the Campos Basin. According to ANP data, these fields began to record a decline in production in 2020, aggravated by the technological obsolescence of the platforms. With the resumption of operations scheduled for 2026, Petrobras expects to extend the productive longevity of the fields, reinforce the national production of light oil and ensure energy stability in the Southeast. This action is directly related to the revitalization plan for the Campos Basin, launched in 2022.
Sustainability is integrated into the operational approach
As described in the 2023 Sustainability Report, published in July of the same year, Petrobras has prioritized the responsible use of resources. The reuse of platforms contributes to the reduction of environmental impacts associated with shipbuilding and the disposal of equipment. Measures such as these represent progress in the environmental commitment of the Brazilian offshore industry.
Market interprets measure as cautious and strategic
Analyses released by XP Investimentos and BTG Pactual in April 2024 indicate that Petrobras acts with budgetary responsibility by avoiding contracts with off-market values. Reports from Wood Mackenzie add that reusing platforms is an increasingly common practice in mature fields. According to the consultancies, the decision reinforces the state-owned company's reputation as an operator focused on technical efficiency and financial sustainability.
The team will set the schedule after completing the feasibility studies.
Petrobras said it will complete the technical and economic studies by September 2025. If the adaptation project is approved, it will begin work in the same year, with operations expected to begin in 2026, according to a note from Agência Brasil. The state-owned company emphasizes that any progress will depend on feasibility analyses, regulatory compliance and environmental licensing.
