By Brazil Stock Guide – Petrobras (PETR4.SA) has approved a major investment in the Sergipe Águas Profundas (SEAP) project, marking a significant step in expanding Brazil’s oil and gas production capacity and strengthening its energy infrastructure.
The decision was disclosed by Petrobras on Tuesday (13) following approval by its board of directors for the final investment decision (FID) of the SEAP I module, according to a company statement.
The SEAP II module had already been approved in December 2025, paving the way for the full development of the deepwater project located in the Sergipe-Alagoas Basin. Petrobras said project viability was achieved through engineering optimizations and renegotiated supplier contracts, improving economic returns.
The development includes two floating production storage and offloading units (FPSOs), P-81 and P-87, which together will have the capacity to produce up to 240,000 barrels of oil per day and process approximately 22 million cubic meters of natural gas daily. The platforms will be built by SBM Offshore (SBMO.AS) under a Build, Operate and Transfer (BOT) model.
Contract signing is expected in May 2026, pending final approvals and governance procedures. Oil production from SEAP II is scheduled to begin in 2030, with gas exports expected from 2031. SEAP I production is planned beyond Petrobras’ 2026–2030 business plan horizon.
Total investments in the two modules are estimated at more than 60 billion reais ($12 billion), with expected output exceeding 1 billion barrels of oil equivalent. The company said the project will play a key role in increasing national production and enhancing energy security.
The development also includes the drilling and connection of 32 wells, along with the construction of a 134-kilometer gas pipeline, including offshore and onshore sections, to transport natural gas.
SEAP I will focus on light oil fields such as Agulhinha, Agulhinha Oeste and Palombeta, while SEAP II will target fields including Budião and Budião Noroeste, located about 80 kilometers offshore. Petrobras operates the assets with varying ownership stakes, including partnerships with IBV Brasil Petróleo Ltda and ONGC Campos Ltd.
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