The Brazilian Federal Court of Accounts (TCU) conducted an audit to analyze how Petrobras contracts and operates FPSOs. These vessels are used to process oil and gas at sea, store it, and then transfer it to other ships. They are important for Petrobras because they are more flexible and faster to install than stationary exploration platforms.
According to the 2024-2028 Strategic Plan, Petrobras plans to contract 14 new FPSO units. In this context, the volume of resources audited reached approximately US$ 21.7 billion, corresponding to the sum of the contracts analyzed.
The audit identified performance differences between FPSOs operated by Petrobras, comparing owned and chartered units, with possible repercussions on the company’s production and CO2 emission targets. The analysis of operational and financial indicators, production, costs, and investments over the period from 2014 to 2024 showed that both modalities presented similar average efficiency, with a productive efficiency index (PEI) close to 76%.
Even so, the company-owned platforms registered average production approximately 20% above the overall average, while the chartered platforms were approximately 17% below and remained, for most of the analyzed period, with performance below average.
Despite this result in terms of absolute production, the audit observed an increase in the difference between potential production and the production actually obtained on the company-owned platforms, which reached approximately 22%. As potential production considers geological factors of the fields, the result indicates a possible loss of operational efficiency of these units over time. This scenario resulted in a recommendation to Petrobras to conduct studies aimed at identifying any declines in production on its own FPSOs and possible measures to recover to planned levels.
The audit also analyzed pollutant emission data from the platforms in operation. Considering the amount of carbon dioxide emitted per barrel of oil produced, the average observed over the last ten years was 16.74 kg/boe, a value slightly above the target of up to 15 kg/boe established by Petrobras in its 2025-2029 Business Plan. The audit indicated that the established target is achievable, especially considering that the most modern FPSOs already operate below the maximum emission level established.
Another point analyzed was how Petrobras uses indicators to evaluate and guide decisions related to the contracting and operation models of floating production, storage and offloading (FPSO) vessels – whether owned, chartered, or through the built, operate and transfer (BOT) model.
The indicators used by Petrobras at different stages of the process were verified, including parameters related to operational performance and unit efficiency. The analysis sought to understand if these indicators allow for an adequate comparison of different platform contracting and operation models and if they consistently reflect the results actually achieved by the units.
The Brazilian Federal Court of Accounts (TCU) pointed out that the absence of more structured statistical analyses can limit the ability to more accurately assess the behavior and performance of platforms over time. According to the audit, without this type of analytical approach, it becomes more difficult to identify patterns, trends, or relevant differences between contracting and operating models, which can compromise the quality of management decisions.
This scenario can generate risks of decisions based on incomplete or insufficiently analyzed evidence, with potential impacts on operational efficiency, costs, and the achievement of the company’s strategic goals, including objectives related to production and sustainability.
Given these findings, the TCU recommended that Petrobras implement predictive analysis procedures, such as machine learning-based algorithms, to support risk analyses of the potential outcomes of FPSO bidding processes and other highly complex projects, based on the boundary conditions of the projects and the market. The measure seeks to strengthen the technical basis of decisions and improve the monitoring of the performance of production units over time.
Brazil Energy Insight 
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