[Brazil] Sergipe Deepwater Project (SEAP)

[escveritas]

Petrobras has informed that it has started the contracting process for the chartering of two platform vessels for the Sergipe Deepwater Project (SEAP), in the Sergipe-Alagoas Basin, about 100 km off the coast.

The original BOT (Build-Operate-Transfer) scheme has been replaced with a more competitive EPCI, Lease, O&M model, which could attract more bids submission by numerous FPSO contractors worldwide.

The FPSO, each (SEAP I and SEAP II) will have the capacity to process up to 120 thousand barrels of oil per day (bpd). The oil in the region is light, considered to be of good quality, between 38 and 41 degrees API - and, therefore, of higher commercial value. Together, the two units will have the potential to offer up to 18 million cubic meters of gas per day.

The SEAP I project covers the fields of Agulhinha, Agulhinha Oeste, Cavala, and Palombeta, located in the BM-SEAL-10 and BM-SEAL-11 concessions. Petrobras is the operator of the BM-SEAL-11 concessions - with 60% stakes, in partnership with IBV BRASIL PETRÓLEO Ltda (40%) - and BM-SEAL-10, where it holds 100% stakes.

The SEAP II project on the other hand covers reservoirs belonging to the Budião, Budião Noroeste, and Budião Sudeste fields, located in the BM-SEAL-4, BM-SEAL-4A, and BM-SEAL-10 concessions, respectively. Petrobras is the operator of concessions BM-SEAL-4 - with 75% stakes in partnership with ONGC Campos Ltda. (25%) - and BM-SEAL-4A and BM-SEAL-10, where it holds 100% stakes.