Companies pre-qualified for the bidding process for FPSO P-88 to be installed in the Albacora Field

(PN) Petrobras released the bidding notice earlier this week and the competition for the platform contract has eight pre-qualified competitors: Modec, Shapoorji, Yinson, MISC, BW Offshore, SBM Offshore, MISC, Ocyan and Altera (the latter two companies, as is known, work in partnership in the Altera & Ocyan joint venture). The opening of the envelopes with the proposals is scheduled for October 1st. However, as is common in this type of bidding, it is possible that this deadline will be extended. The bidding notice also provides that the bidder with the best proposal may choose to withdraw from the Albacora contract if it is the best ranked in the competition for the FPSOs of Sergipe Deep Waters (SEAP) and does not have the capacity to assume the contracts for both opportunities

This will be Petrobras’ second attempt to contract the new Albacora platform. The first tender, under the charter model, received proposals from BW Offshore and Ocyan, but ended unsuccessfully in the price negotiations. In this new tender, the chosen modality was the BOT (Build Operate Transfer), whereby the winning bidder will operate the vessel for a certain period and then transfer responsibility to Petrobras.

The platform will have the capacity to produce 120 thousand barrels of oil per day and a projected useful life of at least 20 years. The unit will be anchored in offshore waters, at a depth of 670 meters. The FPSO will receive production from underwater oil wells and must have processing facilities to treat the fluids, stabilize them and separate the produced water and natural gas. The processed liquids will be measured, stored in the vessel’s cargo tanks and transferred to shuttle tankers.

The gas produced, containing CO₂ and H₂S, will be compressed, dehydrated, treated and used as fuel gas and to increase oil production. The remaining gas will be exported to the mainland. The project includes a subsea layout with up to 25 wells, 15 of which will be for production and another 10 for water injection. The local content will be 20%, in line with the percentage used in the Round Zero areas. The platform is only expected to come into operation after 2030.

Albacora is located approximately 110 km east of Cabo de São Tomé, on the northern coast of the state of Rio de Janeiro. Currently, production from the field occurs through the P-25 SS (Semi-Submersible) and P-31 FPSO platforms. The oil flow network from P-25 consists of an oil pipeline that connects the unit to P-31. The new platform in the field will be used to enable production from the Forno reservoir, located in the pre-salt layer, south of Albacora.

According to Petrobras’ most recent business plan, US$23 billion will be invested in the Campos Basin by 2029. In total, 32% of the region’s production within five years will come from the pre-salt layer, with around 200 new wells to be connected during the period. There are also studies for the implementation of carbon capture hubs (CCUS) in Rio de Janeiro and Espírito Santo, with investments starting in 2027.

Petrobras also wants to evaluate the remaining exploratory potential of the Campos Basin by drilling Norte de Brava, Água Marinha and block C-M-477. As we reported last week, the state-owned company announced that it had identified the presence of hydrocarbons in exploratory well 1-BRSA-1394-RJS, in the Norte de Brava block. The well drilling has been completed and final profiling is currently underway. In the next step, Petrobras will continue operations to complete the well design and characterize the conditions of the reservoirs and fluids found. This data will allow us to assess the potential and direct future exploratory activities in the area.