Brazil’s state-owned oil company Petrobras has officially canceled the bidding process for its planned P-86 floating production storage and offloading (FPSO) vessel.
The P-86 FPSO is a key component of the revitalization plan for the Marlim Sul and Marlim Leste fields in the Campos Basin.
According to the tender documents for the P-86 FPSO, the project requires the construction and operation of an FPSO under a build-operate-transfer model. The FPSO is designed to process approximately 140,000 barrels of crude oil per day and aims to improve the recovery rate of mature oil fields in one of Brazil’s most productive offshore regions.
Petrobras explained the cancellation of the tender due to “unavoidable events that changed the economic feasibility of the project under all the scenarios evaluated” and cited a law that allows public companies to terminate the procurement process if major changes affect the feasibility of the project.
Petrobras also revealed that personnel previously assigned to the P-86 tender will be redeployed to other projects. However, the company has reiterated its commitment to the broader Campos Basin revitalization plan, which includes deploying a new FPSO and subsea upgrades to extend the production life of the Marlim and Voador fields.