Petrobras: No study to return to distribution via greenfield

Petrobras: No study to return to distribution via greenfield

Petrobras, Brazil's state-owned oil and gas company, has recently seen significant advancements in its deepwater exploration and production capabilities. The company has confirmed that the first of a series of turnkey floating production, storage, and offloading vessels (FPSO), P-78, is set to be delivered to Brazil's Buzios field soon [1].

The sailaway ceremony for P-78 took place two weeks ago at Seatrium’s Singapore yard. Upon delivery, the P-78 will be deployed in Brazil’s prolific Buzios field with a production capacity of 180,000 B/D of oil, 7.2 million m3/D of gas, and a storage capacity of 2 million bbl of oil. The vessel is expected to rank among the largest in the global operating fleet of FPSOs [1].

Petrobras has emphasized that the P-78 represents a significant milestone, embodying the highest standards of construction and commissioning quality. It integrates a wealth of new specifications and lessons from previous FPSO series, such as the Replicantes and Cessão Onerosa [1].

While the focus remains on deepwater exploration and production, there is no current study or plan for Petrobras to return to distribution via greenfield projects. The company is continuing to collaborate with key partners, such as Seatrium, on developing new deepwater resources offshore Brazil. Seatrium continues to work on FPSO P-80, which is expected to join P-78 in the Buzios field in 2027 [1].

In May 2024, Seatrium and Petrobras signed an $8.2 billion deal for the construction and delivery of a pair of FPSOs destined for the Atapu and Sepia fields, respectively. These FPSOs, P-84 and P-85, will each be capable of producing 225,000 B/D of oil and 10 million m3/D of natural gas, with advanced emission control measures [1].

In summary, Petrobras is focused on expanding its deepwater exploration and production capabilities through strategic FPSO projects. There are no immediate plans to shift focus to greenfield distribution projects.

References:
[1] https://jpt.spe.org/seatrium-built-fpso-en-route-to-brazil-delivery-to-petrobras