[Project] Petrobras + Government Agencies - Pré-Salt 2007 - Phase I

[Kane]

TYPE	Infrastructure
BUILDER	Petrobras + Government Agencies
CLIENT	Republica Federativa do Brasil
SITE LOCATION	Brazil
SECTOR	Energy
PROJECT NAME	Pré-Salt 2007 - Phase I
PROJECT COST	4,500,000,000.00
COMPLETION DATE	01/11/2025
PROJECT INFORMATION	DESCRIPTION Brazil’s 2007 pre-salt discovery is a strategic inflection point. Phase I launches a disciplined, lower-capex path to early monetisation while building the foundations for a larger multi-FPSO hub. This phase concentrates on one full-scale FPSO rated at ~150 kbpd (with gas handling), the essential wells and subsea network, and a lean midstream solution. The approach balances speed with HSE excellence, local-content ramp-up, and robust sovereign-fund governance to convert resource wealth into long-term national capacity (education, R&D, energy transition). SCOPE OF WORKS Subsurface & Appraisal Advanced 3D/4D seismic refresh; 3–4 appraisal wells; reservoir models and development plan for the initial production area. First Production System 1× FPSO (~150 kbpd) with gas treatment/handling; producer & injector wells; subsea package (trees, manifolds, umbilicals, risers, flowlines) sized for Phase I and prepared for future tie-ins. Early Midstream Minimal export solution (pipeline spur and/or temporary FSO offloading), custody metering and shore tie-in sufficient for Phase I volumes. Gas reinjection or limited offtake to minimise flaring. Industrial & Logistics Setup Module-integration slots at domestic yards; readiness of Macaé/Vitória logistics; OSV/AHTS fleet and offshore helicopter support; ROV capability for inspection/intervention. Governance, Social & Environmental Standing up the Pré-Sal Sovereign Fund framework; full EIA/RIMA; Oil Spill Response (Tier 1–3); continuous metocean and environmental monitoring; structured community engagement. BUDGET (by work package, USD 2007, estimate) --Subsurface (seismic refresh, appraisal wells, studies): $600,000,000 --FPSO-1 (~150 kbpd): hull conversion/newbuild, topsides and integration: $1,700,000,000 --Drilling & Completions (producers/injectors): $1,350,000,000 --Subsea equipment & lines (trees, manifolds, umbilicals, risers/flowlines): $500,000,000 --Early Midstream (pipeline spur / temporary FSO, metering, shore tie-in): $250,000,000 --HSE, environmental & social programmes: $75,000,000 Logistics setup (bases, OSV/heli mobilisation, ROV availability): $100,000,000 --Contingency (balanced across packages): $75,000,000 ----TOTAL: $4,500,000,000 EXPECTED OUTCOMES Production: Nameplate ~150 kbpd for FPSO-1 (actual output subject to availability/uptime). Indicative gross revenues @ $60/bbl: ≈ $3.285B per year at nameplate (availability factor scales results). Industrial & Jobs: ≥50% local content (Phase I baseline), stepping up in subsequent phases; ~15–30k direct+indirect jobs at peak build. HSE & ESG: Minimal flaring; CO₂ reinjection where feasible; zero major incidents; independent HSE audits; transparent reporting through the sovereign-fund governance. IMPLEMENTATION Governance: Petrobras as lead operator under an inter-ministerial steering arrangement; quarterly public reporting; independent audit of the Pré-Sal Sovereign Fund. Procurement: Competitive RFPs for FPSO-1, Subsea Package-1, drilling services, OSV/heli support and early midstream; binding local-content and technology-transfer clauses. Risk Management: HP/HT and CO₂ managed via conservative design and redundancy; multi-vendor frameworks for supply-chain resilience; partial price-risk hedging (collars). Readiness & Integration: Alignment of yard capacity and long-lead items; logistics base commissioning; OSR capability validated; metering and integrity assurance in place for first liftings. GLOSSARY - FPSO — Floating Production, Storage & Offloading: floating unit that processes, stores, and offloads crude offshore. - FSO — Floating Storage & Offloading: floating unit for storage/offloading without processing. - kbpd — thousand barrels per day: production flow rate unit. - bbl — barrel: oil volume unit (~159 liters). - HSE — Health, Safety & Environment: operational safety and environmental management. - ESG — Environmental, Social & Governance: transparency and sustainability criteria beyond HSE. - EIA/RIMA — Environmental Impact Assessment / Relatório de Impacto ao Meio Ambiente (Brazil): impact study and formal report required by Brazilian law. - OSR (Tier 1–3) — Oil Spill Response: spill-response capability levels from local (Tier 1) to regional/national (Tier 3). - OSV — Offshore Support Vessel: offshore logistics/support ship. - AHTS — Anchor Handling Tug Supply: anchor-handling/supply tug for offshore units. - ROV — Remotely Operated Vehicle: tethered underwater vehicle for inspection/intervention. - RFP — Request for Proposals: competitive procurement/tender notice. - HP/HT — High Pressure / High Temperature: demanding reservoir conditions. - CO₂ — Carbon Dioxide: often re-injected in pre-salt fields for gas management/EOR. - Metocean — Meteorological & Oceanographic (data): wind, waves, currents and related offshore conditions. - Custody metering — Fiscal measurement at the custody transfer point for oil/gas. - RJ / SP / ES — Rio de Janeiro / São Paulo / Espírito Santo: Brazilian states hosting onshore support/terminals. - USD — United States Dollar: project currency.