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PRIO announced the start-up of the third producing well at the Wahoo Field, in the Campos Basin, with production stabilized at approximately 10,000 barrels of oil per day.
With three wells online, field output has been adjusted to around 32,000 barrels per day as part of the ramp-up process. The company expects to bring a fourth well online by the end of April, which should increase production to approximately 40,000 barrels per day.
As the first field fully developed by PRIO, Wahoo is connected to the Frade Field through a subsea tieback of approximately 30 km, with processing carried out by the FPSO Valente, which has a capacity of up to 100,000 barrels per day.
In March, PRIO reported total production of approximately 161,000 barrels of oil equivalent per day, representing an increase of around 8% compared to February.
Pre-salt gains momentum as ANP expands offering and prepares new auction with 23 blocks
ANP published on April 6 a new version of the Production Sharing Permanent Offer (OPP) notice, following board approval on March 27 and validation by the Ministry of Mines and Energy (MME).
The update expands the number of areas available in Brazil’s pre-salt, with 15 new exploratory blocks added to the eight previously offered, bringing the total to 23 blocks available for future OPP cycles.
All areas are located within the pre-salt polygon, with eight blocks in the Campos Basin and 13 in the Santos Basin — both considered strategic regions for national production.
The blocks have received joint environmental feasibility assessments from the MME and the Ministry of Environment and Climate Change, allowing them to be included in the offering. Despite updates to technical and economic parameters, bidding rules and contract structures remain unchanged, reinforcing regulatory stability.
With the publication, the areas are now open to expressions of interest from companies — a prerequisite for launching the 4th OPP cycle. Under this model, bidding rounds are only triggered once companies formally declare interest in specific blocks.
As one of Brazil’s main licensing mechanisms, the Permanent Offer provides continuous availability of acreage and greater flexibility for companies to assess opportunities. To date, Brazil has held three production-sharing cycles under the OPP framework, consolidating the model as a key tool for attracting investment in the upstream sector.
Constellation Oil Services announced on April 1, 2026, that it has secured contract extensions with Petrobras for three offshore drilling rigs, adding approximately $1.1 billion to its backlog and reinforcing long-term revenue visibility.
The agreements cover the Brava Star, Gold Star and Alpha Star units and represent a multi-year extension of contracted operations. As a result, Constellation’s total backlog increases to around $2.8 billion, with coverage extending through 2030.
The most significant extension was awarded to the drillship Brava Star, which secured a four-year extension through December 2030, valued at approximately $569 million. The unit will continue operating in the Búzios field, in the Santos Basin, and will undergo technological upgrades, including the implementation of managed pressure drilling (MPD) systems starting in 2027.
Meanwhile, the semi-submersible rigs Gold Star and Alpha Star, both built in 2009, were awarded extensions of approximately two years and ten months, keeping them contracted through 2028. The extensions add roughly $266 million and $300 million to the backlog, respectively, and include expanded scopes such as integrated riser services and support for well intervention and decommissioning activities.
All contracts will commence immediately after the expiration of the current terms, ensuring operational continuity for the units. The agreements also include the implementation of new safety-focused technologies on the drill floor, particularly for the Brava Star and Alpha Star units.
Vast Infraestrutura has successfully completed the first crude oil transshipment operation for ExxonMobil in Brazil, marking a significant milestone in the country’s oil export logistics.
The operation was carried out at the T-Oil terminal, located at the Port of Açu in northern Rio de Janeiro state, and involved the transfer of approximately 1 million barrels from the Bacalhau field for export to international markets.
The operation deployed two Suezmax-class tankers — Primeway and Windsor Knutsen — highlighting the terminal’s capability to handle large-scale offshore logistics operations tied to Brazil’s pre-salt developments.
According to the company, the milestone reinforces the efficiency, safety, and reliability of the T-Oil terminal in supporting complex offshore projects. The facility is currently the only terminal in Brazil authorized to handle VLCC vessels and has a licensed capacity of up to 1.2 million barrels per day.
The crude originated from the Bacalhau field in the Santos Basin, ExxonMobil’s first producing project in Brazil after more than a century of presence in the country. The asset is operated by Equinor (40%), in partnership with ExxonMobil Brazil (40%) and Petrogal Brasil (20), under a production sharing regime.
With ExxonMobil joining its client portfolio, Vast further strengthens its position as a key crude oil export hub in Brazil. The company has been playing an increasingly strategic role in supporting the country’s growing offshore production and export capacity.
Oil price rally driven by conflict in Iran enables full project sanction with two platforms Dutch firm SBM Offshore has won the tender for the construction and operation of the two floating production units (FPSOs) for the Sergipe Deepwater project (SEAP), as confirmed by Petrobras CEO Magda Chambriard during the “CNN Talks” event this Wednesday (April 1). The award of both units — SEAP I and SEAP II — was made possible by the recent upswing in international oil prices, which has improved the project’s economic attractiveness.
“With this increase in oil prices, we are now able to move forward with SEAP I,” Chambriard said, referring to the second platform, whose bankability had been contingent on a more favorable price environment. Brent crude has surged above $100 per barrel in recent weeks, driven by the conflict involving the United States, Israel, and Iran, which led to a partial closure of the Strait of Hormuz — a critical chokepoint through which roughly 20% of the world’s oil supply transits.
Magda Chambriard (Source: Petrobras)
Production capacity and infrastructure
The combined capacity of the two platforms is expected to reach 200,000 barrels of oil per day and 18 million cubic meters of natural gas per day. Each FPSO will be capable of processing up to 120,000 barrels of oil and 12 million cubic meters of gas, with output transported to shore via a pipeline system spanning approximately 128 kilometers (100 km offshore and 28 km onshore).
The SEAP project encompasses seven fields declared commercial by Petrobras in December 2021 — Agulhinha, Agulhinha Oeste, Budião, Budião Noroeste, Budião Sudeste, Cavala, and Palombeta — located within the BM-SEAL-4, BM-SEAL-4A, BM-SEAL-10, and BM-SEAL-11 concessions, roughly 80 kilometers off the coast of Sergipe in the Sergipe-Alagoas Basin.
Brazil’s National Petroleum Agency (ANP) recently approved an extension of the concession contracts, pushing SEAP I’s term to 2055 and SEAP II’s to 2057. The move provides greater regulatory certainty and is expected to increase recoverable oil and gas volumes by 14.5%, according to the regulator.
Project trajectory and market context
Originally slated for startup in 2026, SEAP has undergone two schedule revisions — first to 2028 and later to 2030. The final investment decision (FID) for the first platform, SEAP II, was approved by Petrobras in December 2025 and included in the company’s firm investment portfolio under its 2026–2030 Strategic Plan. SEAP I, meanwhile, had been classified as a “target project,” dependent on favorable market conditions. The tender followed a Build, Operate and Transfer (BOT) model, under which SBM Offshore will construct and operate the units before transferring ownership to Petrobras at the end of the contract term. The company submitted the most competitive technical and commercial bids for both platforms in a process concluded in March.
The recent rise in oil prices — with Brent trading above $100 per barrel since the onset of the Iran conflict in March — proved decisive in securing the economic viability of the second unit. When Petrobras released its strategic plan in November 2025, it outlined total investments of $109 billion, including $81 billion in firm projects and $28 billion in conditional projects. SEAP I was among those contingent on market conditions. Analysts at Bank of America forecast Brent will remain around $100 per barrel throughout 2026, with an annual average of $92.50 — a pricing environment that supports the project’s economics.
SBM Offshore and its footprint in Brazil
SBM Offshore is a longstanding supplier to Petrobras, with nine FPSOs currently operating in Brazilian waters. The company is particularly active in the Santos Basin, supporting pre-salt developments such as Mero, Búzios, and Tupi. The FPSOs Almirante Tamandaré and Alexandre de Gusmão, each with a capacity exceeding 180,000 barrels per day, began operations in 2025 at the Mero field.
FPSO Almirante Tamandaré (Source: Petrobras)
According to a company statement released in November 2025, the bids for SEAP I and II underscore SBM Offshore’s “leading position in the large and complex FPSO segment.” While competing globally with Asian shipyards, the company maintains approximately 50% of its operations in Brazil, as noted by CEO Øivind Tangen.
Regional impact and outlook
Startup of the SEAP project is scheduled for 2030, with SEAP II expected to come online first, followed by SEAP I roughly one year later. Studies by the Government of Sergipe estimate total investments of $5 billion (approximately BRL 25 billion) and a cumulative impact of up to BRL 37.8 billion on the state’s GDP over the project lifecycle.
The development is considered strategic for expanding Brazil’s domestic natural gas supply, with potential to serve thermoelectric power plants, fertilizer industries, and energy-intensive consumers in the Northeast. Petrobras signed a memorandum of understanding with the Sergipe state government in March to support commercialization of the gas, while the state is actively working to attract industrial consumers that can benefit from the new infrastructure.
The tender for the export gas pipeline is expected to be launched later in 2026, with startup aligned with first production in 2030. With the FPSO contracts now awarded, workstreams related to subsea infrastructure — including production and injection systems to tie back wells to the floating units — are set to move forward. SEAP represents the first new deepwater oil and gas frontier outside the Santos Basin since the pre-salt discoveries, positioning Sergipe as an emerging player in Brazil’s energy sector after decades of production concentrated in mature onshore fields.
The offshore drilling unit Norbe IX, operated by Foresea, has completed a scheduled maintenance and upgrade campaign following approximately 70 days of work. Most of the activities were carried out with the unit anchored around six nautical miles off Angra dos Reis, in Rio de Janeiro.
The unit departed the anchorage on March 12 and underwent a series of operational tests before being cleared to resume activities. Foresea confirmed that operations under a new three-year contract with Petrobras began on March 30, with the rig deployed in the Santos Basin, supporting developments in the Sépia and Atapu fields.
According to the company, the campaign was conducted as part of a Special Periodic Survey (SPS), including integrity verification, upgrades to critical systems and equipment, and operational improvements aimed at enhancing safety and efficiency. Approximately 1,600 personnel were involved in the works, totaling more than 260,000 man-hours, and the scope also included updates to the unit’s internal layout.
“It is another scheduled stop delivered successfully, the result of a large-scale effort involving hundreds of employees and partners. This level of planning and execution ensures Norbe IX is ready for another three-year campaign, operating without interruptions and within Foresea’s performance standards,” said Heitor Gioppo, COO of Foresea.
Built in 2011 by Daewoo Shipbuilding & Marine Engineering, the Norbe IX is a sixth-generation ultra-deepwater drilling unit equipped with DP3 dynamic positioning. It is capable of operating in water depths of up to 3,048 meters (10,000 ft) and drilling wells to approximately 12,195 meters (40,000 ft). The unit has accommodation capacity for around 180 personnel and is equipped with a 15,000 psi BOP system.
With this contract, Foresea stated that its fleet remains fully contracted at least through the end of 2026.
With this contract, Foresea stated that its fleet remains fully contracted through at least the end of 2026.
Belov has signed eight contracts with Petrobras totaling R$ 2.7 billion for the operation of SDSV (Shallow Diving Support Vessel) vessels.
The four-year contracts cover four vessels: Belov Humaitá, Belov Amaralina, Cidade de Ouro Preto and the newbuild Belov Arembepe.
The vessels will support inspection, repair and maintenance activities on Petrobras offshore platforms, with contract start-ups scheduled in phases between 2H26 and 2H27.
The award strengthens fleet utilization and provides medium-term visibility, while supporting Belov’s expansion with the addition of Belov Arembepe, expected to be delivered in 2H27.
Brava Energia has started a drilling campaign using Constellation’s Lone Star rig across the Papa-Terra and Atlanta fields.
The campaign includes four wells, with two located in Papa-Terra, in Campos Basin, and two in Atlanta, in Santos Basin, with completion expected by 1Q27.
The rig moved directly into the project after completing its previous contract in Brazil in January 2026, followed by a planned maintenance stop of just over 40 days, including hull cleaning and equipment overhauls.
Drilling activities will take place in Papa-Terra between March and September 2026, followed by well connection and first oil expected in 4Q26. The rig is scheduled to move to Atlanta in October, where operations will support first oil in 2Q27.
The campaign has been structured under an optimized capex allocation, with 65% directed to Atlanta and 35% to Papa-Terra, leveraging existing infrastructure to enhance production efficiency and reduce unit costs.
On March 26, WSB Advisors hosted its first happy hour of 2026 at the company’s rooftop in downtown Rio de Janeiro, gathering around 40 executives and professionals from the offshore sector.
The event brought together clients, partners and industry peers, with strong participation from shipowners, providing an opportunity to exchange views on current market dynamics in an informal setting. Since 2022, the WSB rooftop has served as a recurring meeting point for the offshore community.
“It was a memorable night. We dedicated this event to the shipowners, who turned out in force and filled our rooftop. As it was the first of the year, there was strong engagement, with participants actively exchanging valuable information and experiences,” said Pedro Pellegrini, Shipbroker and Naval Engineer at WSB Advisors.
WSB Advisors thanks all attendees for their presence and looks forward to the next gathering.
“Congratulations to the entire team for organizing the event. Everything was wonderful, with incredible energy, in a fantastic location, and excellent food and drinks. Every detail was thought out to make the guests feel comfortable.”, told Roberto D’Amato Leão, commercial manager at CLIAPORTO.
“It was a great moment. I think we can now say that 2026 has truly begun,” said Romulo Bacchiega, Head of Content & Sales at WSB Advisors, during his first participation in the company’s events.
Much like the recent case of Astro CMT Matos—reborn as Seastar Virtus while raising unresolved questions around overlapping commercial and registry positioning—another case involving Astromaritima – em Recuperação Judicial now comes into focus.
This time, the vessel is the former Astro Tupi.
Seastar Virtus (Source: Seastar)
Now formally registered as Atlas Z, the vessel appears active. Market information indicates that she is being operated in Petrobras service as an OSRV through Galáxia Marítima S.A. At the same time, ANTAQ records show a time charter structure for the vessel starting in October 2025 registered in favor of Galáxia Navegação, a different company within the same group.
At the same time, however, Atlas Z is also presented as the sole vessel supporting the EBN structure of Lagoa Offshore (MCT Group). ANTAQ granted Lagoa Offshore its authorization to operate as an EBN in September 2025, in a process that, by its nature, presupposes the availability and operational control of the supporting vessel.
From a structural standpoint, the situation raises immediate questions.
Public records indicate that Atlas Z is tied to a Petrobras-linked time charter structure registered under Galáxia Navegação, while market information places the vessel in Petrobras service through Galáxia Marítima, and fleet records simultaneously associate the same vessel with Lagoa Offshore, with Astromaritima – em Recuperação Judicial remaining as owner. These are not alternative interpretations—they are parallel records.
This is where the inconsistency becomes difficult to reconcile.
If Lagoa Offshore is the disponent owner under a bareboat charter from Astromaritima – em Recuperação Judicial, it would not typically be able to relinquish operational control of its sole vessel while maintaining the basis of its EBN authorization. Conversely, if Lagoa Offshore has time-chartered the vessel into a structure connected to the Galáxia group, such arrangement would still need to align with Petrobras’ contractual framework, which generally requires that the contracted party retains full operational control, without subcontracting of the core service.
The picture becomes even less straightforward when the documented chain itself does not fully converge: the ANTAQ charter registration points to Galáxia Navegação, while the Petrobras operational context points to Galáxia Marítima.
The timeline adds further complexity.
The authorization of Lagoa Offshore as an EBN in September 2025 is closely followed by the commencement of the Petrobras-linked charter in October 2025 under Galáxia Navegação, while the vessel is understood to be operating for Petrobras through Galáxia Marítima. This sequencing does not readily support a straightforward contractual chain originating from Lagoa Offshore.
At this stage, two interpretations emerge.
Either Lagoa Offshore is not, in practice, the operator of the vessel despite supporting its EBN structure, or the operational reality differs from the contractual appearance presented across the regulatory and commercial records.
Atlas Z (Source: Galáxia)
In either case, the alignment between registry, contract and operation remains unclear.
Astromaritima – em Recuperação Judicial, when asked about the vessel’s ownership, operation and contractual structure, stated that “Astro Tupi” remains an asset of the company and is inserted in a regular structure, without clarifying who operates it, under which contract, or why it already appears, in other contexts, as Atlas Z.
MCT has not yet responded to our inquiries. We were unable to reach Galáxia.
As in other recent cases, the asset is visible, active and commercially engaged. But structure, in offshore, is not a detail. And one vessel cannot serve two masters.
