SEAP II, which has passed final investment decision and is included in Petrobras’s firm investment plans for 2026–2030, is scheduled to commence operations by 2030. SEAP I, previously positioned as a “target project” due to financing concerns, became viable after a recent surge in global oil prices linked to heightened conflict involving the U.S., Israel, and Iran. Petrobras’s president, Magda Chambriard, emphasized this price escalation enabled the project’s full viability.
Each FPSO will boast a capacity of 120,000 barrels of oil per day and up to 12 million cubic meters per day of natural gas, with gas exported directly without onshore processing. The project fields include Agulhinha and Budião areas, operated mainly by Petrobras in various consortiums with partners such as ONGC and IBV Brasil Petróleo. An 18-million-cubic-meter-per-day gas pipeline will facilitate export, stretching 134 km (111 km offshore and 23 km onshore).
Although Petrobras extended the proposal submission deadline from February to June 2024 to enhance competitiveness and attractiveness, contract finalization is underway. Local unions underscore the project’s socioeconomic importance for Sergipe, advocating for prioritizing regional employment during construction and operation phases. The SEAP initiative is positioned as essential for expanding Brazil’s offshore production and boosting regional development consistent with Petrobras’s strategic objectives.
This article was curated and published as part of our South American energy market coverage.
