Petróleo Brasileiro S.A. - Petrobras (PBR) Inks Deal with SBM Offshore for Oil and Gas Production Vessels

Petrobras has signed a binding agreement with SBM Offshore on May 28 to develop two floating oil and gas production vessels for its Sergipe deepwater program. Under the deal, SBM Offshore will design, build, and operate the FPSOs SEAP-I and SEAP-II, while Petrobras will own the units and SBM Offshore will run them for an initial 6.5-year term. The SEAP-II FPSO (P-87) is expected to produce 120,000 barrels of oil per day, with gas treatment capacity of 425 million standard cubic feet per day and water injection capacity of 120,000 barrels per day. Delivery of the FPSOs is anticipated in 2030. The arrangement is part of Petrobras’ bid to advance two approved developments with the potential to yield more than one billion boe. Petrobras is a majority state-owned Brazilian multinational in oil and gas exploration, offshore production, refining, and distribution.