SBM Offshore and Petrobras seal FPSO pair deal for $12-billion oil & gas duo

June 1, 2026, by Melisa Cavcic

Given its plan to bring to life two approved oil and gas developments in the Sergipe Alagoas Basin off the coast of Brazil, the country’s state-owned energy giant Petrobras has signed off on deals for two floating production, storage, and offloading (FPSO) units with Dutch giant SBM Offshore, laying the groundwork for a new oil and gas production frontier in the South American nation.

Fast4Ward FPSO design; Source: SBM Offshore

With total investments exceeding R$ 60 billion (around $12 billion), Petrobras confirmed the two projects would produce more than 1 billion barrels of oil equivalent (boe) while disclosing a final investment decision (FID) for the SEAP I project in the Sergipe-Alagoas Basin almost four months after announcing the FID for the SEAP II module in December 2025, consolidating the development of Sergipe Deepwater (SEAP).

The Brazilian giant has now signed contracts with SBM Offshore for the construction of two FPSO‑type oil and gas production units for the SEAP project under the build, operate, and transfer (BOT) model. While Petrobras will be the owner of the units, the Dutch giant will be responsible for the design, construction, and assembly, as well as the operation and maintenance of the two FPSOs for an initial period of 6.5 years.

The FPSO P‑87 for SEAP‑II will have an installed production capacity of 120,000 barrels of oil per day and process 12 million cubic meters of natural gas per day. The start of oil production is scheduled for 2030, with gas export beginning in 2031.

This project comprises reservoirs of light, high‑quality oil and non-associated gas with low contaminant content, located about 80 kilometers offshore, in the BM‑SEAL‑4, BM‑SEAL‑4A, and BM‑SEAL‑10 concessions.

Petrobras is the operator of the BM‑SEAL‑4 concession, with a 75% stake, in partnership with ONGC Campos Limitada (25%), and operates the BM‑SEAL‑4A and BM‑SEAL‑10 concessions, in which it holds a 100% stake.

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On the other hand, the FPSO P‑81 for SEAP‑I will have an installed capacity to produce 120,000 barrels of oil per day and process 10 million cubic meters of natural gas per day. The start of production is scheduled for 2031.

The SEAP I project comprises reservoirs of light, high‑quality oil and non-associated gas with low contaminant content, situated about 100 kilometers offshore in the BM‑SEAL‑11 and BM‑SEAL‑10 concessions. Petrobras is the operator of the BM‑SEAL‑11 concession, with a 60% stake, in partnership with IBV Brasil Petróleo (40%), and holds a 100% stake in the BM‑SEAL‑10 concession.

The two FPSOs will be connected to a production offloading gas pipeline approximately 134 kilometers in length, with 111 kilometers offshore and 23 kilometers onshore, to help expand the availability of natural gas in Brazil and strengthen energy security.

These two projects are said to represent a significant economic return for the Brazilian player, making a relevant contribution to increasing national oil and gas production and developing a new hydrocarbon production frontier in Brazil’s Northeast region.