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Petrobras Listed Eight Companies to Contest the Contract for the FPSO P-88, Which Will Be Implemented in the Albacora Field in the Campos Basin. The Project Foresees a Production Capacity of 120 Thousand Barrels per Day. Opening of Proposals is Scheduled for October 2025.
The Albacora field, one of the most promising in the Campos Basin, will gain new momentum with the arrival of the FPSO P-88. Petrobras, the operator, has just launched a new bidding process to contract the platform, betting on a different model than before and with a significant investment.
The process marks the state-owned company’s second attempt to close this contract. The first, under a chartering model, stumbled over financial impasses. Now, Petrobras is betting on the BOT (Build, Operate and Transfer) format, in which the winning company builds, operates for a time, and then hands everything back ready to the oil company.
What Is at Stake in the New Bid from Petrobras
The bidding for the FPSO P-88 is attracting giants from the offshore sector. Eight significant companies and consortia have been pre-qualified: Modec, SBM Offshore, Yinson, MISC, BW Offshore, Shapoorji, Ocyan, and the joint venture Altera & Ocyan.
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404 km off the coast of Rio de Janeiro, an oil company drilled 5,855 meters into the ocean and discovered the largest oil and gas reserve found in a quarter of a century.
The official opening of the proposals is scheduled for October 1, 2025, but this deadline may be extended if adjustments or additions to the process are needed.
Capacity and Cutting-Edge Technology
The FPSO P-88 will be capable of producing 120 thousand barrels of oil per day — enough to fuel more than 6 million cars in a week.
Installed about 110 km from the coast of Rio de Janeiro, the floating production storage and offloading unit will be anchored at a depth of 670 meters and will have a robust subsea layout: up to 25 wells, comprising 15 production wells and 10 for water injection.
The projected lifespan of the FPSO is at least 20 years, with a requirement of 20% local content — a percentage aligned with the guidelines of Round Zero of concessions.
Why the Albacora Field is Strategic
The Albacora field is one of Petrobras’s major bets for the coming years. The new unit will allow for the exploration of pre-salt reserves in the southern region of the field, particularly in the reservoir known as Forno — an area that promises high yield.
Currently, Albacora has two platforms in operation: the P-25 (semi-submersible) and the FPSO P-31. With the addition of the P-88, the expectation is to significantly increase the productivity of the area.
Heavy Investments in the Campos Basin
Petrobras has already announced that it plans to invest around US$ 23 billion in the Campos Basin by 2029. The goal is to connect around 200 new wells and ensure that 32% of all production comes from the pre-salt in the next five years.
The company is studying the creation of carbon capture and storage hubs (CCUS) along the coast of Rio and Espírito Santo, with a start planned for 2027.
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