Over the next five years, Brazil’s deepwater FPSO sector will continue releasing massive tender orders!

Petrobras—the world’s leading FPSO operator and Brazil’s national oil company—is accelerating the development of its pre-salt deepwater fields. According to its 2026–2030 business plan, Petrobras aims to commission eight new FPSO production facilities by 2030, with an additional ten development projects under evaluation for post-2030 execution. Petrobras Key Milestones (Q1 2026) ・ P-78 FPSO: Commissioned on December 31, 2025; achieved first gas injection on March 2, 2026—just 61 days later; ・ P-79 FPSO: Mooring completed on February 21, 2026—within 12 days—with a daily production capacity of 180,000 barrels; ・ Búzios Field: Reached 1.037 million barrels per day on March 20, 2026; exported 12.4 million cubic meters of natural gas on March 25; ・ Mero Field: Single-day output exceeded 700,000 barrels. Petrobras FPSO Portfolio: Operational & Under Construction Búzios Field (7 operational FPSOs) Mero Field (5 operational FPSOs) Búzios Field (FPSOs under construction) SEAP Program (New Frontier Development) ・ P-81 FPSO (SEAP I): 120,000 bpd oil processing capacity; 10 million m³/d natural gas processing capacity; scheduled for commissioning post-2030; ・ P-87 FPSO (SEAP II): 120,000 bpd oil processing capacity; 12 million m³/d natural gas processing capacity; first oil expected in 2030; ・ EPC Contractor: SBM Offshore (BOT contract signed in May 2026) Petrobras FPSO Tender Activity (2025–2026) Currently Active Tenders Albacora Replacement FPSO Tender Details Background: This is Petrobras’ second attempt to secure a new platform for the Albacora field. Its first tender—structured as a leasing arrangement—received bids from BW Offshore and Ocyan but was terminated due to unsuccessful price negotiations. Contract Model: BOT (Build-Operate-Transfer). The winning bidder will construct and operate the FPSO for 7.5 years before transferring it to Petrobras; an optional 7.5-year extension is available. Technical Specifications: 120,000 bpd oil production capacity; 6 million m³/d natural gas processing capacity; 1.24 million-barrel oil storage capacity; operating water depth of 670 meters; connected to 25 development wells. Petrobras Mid-to-Long-Term FPSO Strategy (2026–2030+) Key Highlights of the 2026–2030 Strategic Plan ・ Total investment: USD 109 billion (2026–2030); ・ New FPSOs: Eight production systems (seven already contracted; one pending); ・ Post-2030 Projects: Ten additional projects under assessment; ・ Production Targets: Peak oil output of 2.7 million bpd by 2028; peak natural gas output of 3.4 million boe/d; ・ Búzios Field: Eleven FPSOs deployed by 2027, delivering combined capacity exceeding 2 million bpd.

CNOOC’s new Brazil project has commenced operations! Why are oil & gas companies ramping up investments in Brazil?

The Mero field lies in the Santos Basin’s pre-salt offshore region southeast of Brazil, approximately 180 km off Rio de Janeiro, at water depths ranging from 1,800 to 2,100 meters. The recently commissioned Mero 4 project adopts the conventional deepwater pre-salt development model—namely, a Floating Production, Storage and Offloading (FPSO) unit coupled with a subsea production system. The project deploys 12 development wells, including five production wells, six water/gas alternating injection wells, and one conversion well. To maximize production, all development wells feature intelligent completion technology, enabling remote platform control to switch production wells into injection wells as needed. The FPSO deployed for the Mero 4 project ranks among the world’s largest floating production, storage and offloading units. Integrated and constructed in China, it was delivered in December 2024 and arrived at its designated offshore location in March 2025. Its design capacities include 180,000 bpd crude oil processing, 12 million m³/d natural gas processing, and 250,000 m³/d water injection. Upon full operation, the project will raise the field’s total daily crude output to 770,000 barrels. The project actively embraces green and low-carbon development principles, employing subsea associated-gas separation and re-injection technology to simultaneously enhance production and reduce emissions. Brazil Emerges as a Global Oil Market Focus In recent years, Brazil’s oil and gas output has grown steadily, and successive breakthroughs in deepwater exploration have elevated the country to a focal point of the global oil market. International oil majors—including Shell and TotalEnergies—as well as national oil companies such as Equinor and CNOOC, have all entered the Brazilian market, injecting vitality into global oil industry development and presenting fresh opportunities for Chinese oil companies. Brazil possesses abundant deepwater oil and gas reserves. According to Oil & Gas Journal (OGJ), as of end-2023, Brazil’s proven oil reserves stood at 14.856 billion barrels, and proven natural gas reserves totaled 14.35 trillion cubic feet. Among these, Brazil’s ultra-deepwater pre-salt fields are widely regarded as one of the most significant exploration discoveries globally since the 21st century. Since Petrobras discovered the giant Lula pre-salt field in 2006—the first of its kind—the cumulative discovery of pre-salt resources has added approximately 30 billion barrels of oil-equivalent reserves to Brazil’s inventory. Going forward, the development of ultra-deepwater pre-salt fields will become a pivotal trend for both Brazil and the global oil industry, driving substantial growth in oil production and continuing to attract intensified investment from major oil companies. Brazil’s oil and gas exploration and development journey has evolved progressively—from onshore to offshore, from shallow water to ultra-deepwater, and ultimately to the pre-salt layer.

Brazil Independent PRIO Joins Majors to Take Deep-Water Oil Blocks

21 hours ago

Brazil awarded over half its offered deep-water oil blocks to majors including Petrobras and Equinor, alongside independent PRIO SA. High premiums were recorded despite limited competition on some pre-salt prospects.

bloomberg

2026-10-07

Brazil Independent PRIO Joins Majors to Take Deep-Water Oil Blocks

Brazil Independent PRIO Joins Majors to Take Deep-Water Oil Blocks

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