Petrobras has moved forward with the final investment decision (FID) for the SEAP I project in the Sergipe-Alagoas Basin, reinforcing the broader rollout of Sergipe Deepwater (SEAP) as a new oil and gas production frontier in Brazil. The approval follows the earlier green light granted to the SEAP II module in December 2025. With this step, the SEAP I project strengthens Petrobras’ upstream portfolio while aligning with its long-term development strategy. The SEAP I project has been positioned as a key component within the company’s Base Implementation Portfolio after improved project economics enhanced its overall viability.
A series of coordinated efforts between Petrobras and the supplier market played a central role in advancing both SEAP modules. Through project optimizations and revisions to contractual terms and conditions, the developments became more economically attractive. These changes enabled Petrobras to structure joint negotiations for the P-81 and P-87 platforms, which will serve the SEAP I project and SEAP II project, respectively. The combined approach allowed the company to unlock synergies and economies of scale, which proved essential for achieving sustainable financial outcomes. As a result, the improved conditions boosted projected returns and reinforced the importance of collaboration between Petrobras and its supply chain, even amid ongoing oil price volatility.
The contracts are expected to be signed in May 2026, once governance procedures and partner approvals are finalized, marking a transition into the execution phase. SBM Offshore will construct both platforms, which together will have an installed capacity of up to 240,000 barrels of oil per day and process 22 million cubic meters of natural gas per day. Oil production is scheduled for 2030, with gas exports beginning in 2031. Both units will follow the BOT (Build, Operate and Transfer) contracting model, under which the contractor will design, construct, assemble, and operate the platforms for an initial period before transferring them to Petrobras.
“The choice of the BOT contracting model contributed to enabling the start of production in less time. This result reflects the joint work of Petrobras, its partners, and the supplier market aimed at adding value to projects and strengthening the company’s strategy,” said Renata Baruzzi, Director of Engineering, Technology and Innovation.
With investments exceeding 60 billion reais, the SEAP I project and SEAP II project are expected to deliver more than 1 billion barrels of oil equivalent (boe), significantly boosting national oil and gas output. The SEAP I project is also central to expanding natural gas availability, supporting infrastructure development, and opening a new production frontier in Northeast Brazil. The broader development includes two FPSOs, 32 wells, and a 134 km gas pipeline, comprising 111 km offshore and 23 km onshore, while bidding for subsea equipment is already underway, with further tenders expected in 2026. The SEAP I project covers light oil deposits in the Agulhinha, Agulhinha Oeste, and Palombeta fields within the BM-SEAL-10 and BM-SEAL-11 concessions, where Petrobras holds operating stakes of 60% alongside IBV Brasil Petróleo LTDA (40%) and 100%, respectively. This unit will produce 120,000 barrels of oil per day and process 10 million cubic meters of gas. Meanwhile, SEAP II spans the Budião, Budião Noroeste, and Palombeta fields across BM-SEAL-4, BM-SEAL-4A, and BM-SEAL-10, with Petrobras holding a 75% stake in BM-SEAL-4 alongside ONGC Campos Limitada (25%) and full ownership in the remaining areas, supporting daily processing capacity of 120,000 barrels of oil and 12 million cubic meters of gas.
